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Banking in Switzerland
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Banking in Switzerland
Banking in
Switzerland
is regulated by the
Swiss Financial Market Supervisory Authority
(FINMA), which derives its authority from a series of federal statutes. The country's tradition of
bank secrecy
, which dates to the
Middle Ages
, was first codified in the
Federal Act on Banks and Savings Banks
, colloquially known as the Banking Law of 1934. The regime of bank secrecy that Swiss banks are famous for came under pressure in the wake of the
UBS tax evasion scandal
and the 1934
banking law
was amended in 2009 to limit
tax evasion
by non-Swiss bank clients.
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