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  1. Wealth
April 9, 2009

Baer: Swiss banking secrecy intact

By Spear's

Swiss banking secrecy, centred on the protection of financial privacy, remains intact even though the Swiss Federal Council intends to adopt the OECD standard on administrative assistance in tax issues, Raymond Baer, chairman of Julius Baer Holding, told the group’s AGM in Zurich.

Swiss banking secrecy, centred on the protection of financial privacy, remains intact even though the Swiss Federal Council intends to adopt the OECD standard on administrative assistance in tax issues, Raymond Baer, chairman of Julius Baer Holding, told the group’s AGM in Zurich.

“Fishing expeditions”, where countries like the US attempt to gain details about the tax affairs of residents of other countries, remain barred, he declared.

But with the decision to surrender bank client data to the US on a questionable legal basis and without a court judgement, Switzerland has already suffered “enormous damage to its image as a state ruled by law….”

Clients now “fear that their personal rights will be sacrificed from case to case. We must take decisive action against this impression,” he added.

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