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5Zermatt, Switzerland, 1 July 2014
Say, ‘Switzerland’, and a person will think, ‘chocolate’, ‘time-keeping’… and ‘banking’. Swiss banking traces its origins to the nation’s 17th-century mercenaries who seeded a banking sector with their earnings. In 1934, a landmark federal ruling made it a crime for banks to divulge client identities. During the World Wars, Swiss bankers advertised their commitment to secrecy, comparing it to priest-confessor confidentiality. While other nations competed in arms and borders, the Swiss decided financial security would be their power. Over the years, governments of various nations and law enforcement agencies have attempted to breach Swiss banking policy, pushing for more transparency. The Swiss have valiantly held their own. This is not to say, the Swi
