Cracking the secrecy code

Take Switzerland. One of the world’s biggest financial centres, it has also been ranked number one on this year’s Financial Secrecy Index compiled by the Tax Justice Network. There are rigid laws in Switzerland that help banks shield account holders from being exposed. The country has a long tradition of bank secrecy since the Middle Ages, of which it is very proud. Since 1934 breaking bank secrecy has been a criminal offence in Switzerland. So no bank can divulge information unless the Swiss government asks.

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