Comments by "Fumble_ Brewski" (@fumble_brewski5410) on "Banking in Singapore vs. Switzerland" video.

  1. Swiss Banking privacy and secrecy have been in force since as far back as banks can trace their origins, and officially codified as part of Swiss laws, with severe criminal penalties for any violations, since the Swiss Banking Law of 1934. This law was enacted as a direct result of French Socialist-fervor pressure, and German Nazi attempts at intrusion. The Swiss take their clients’ confidentiality quite seriously. Swiss bankers are under strict fiduciary obligation (much like U.S. “attorney-client privilege”) to maintain any information about a client’s account strictly confidential, with the only exceptions being strictly-provable criminal inquiries–and even these are quite rarely granted. This reflects the long-standing tradition of Swiss personal privacy, and any violation of banking secrecy constitutes an offense that by law requires public prosecution and results in official criminal proceedings. Needless to say, these are among the strictest banking confidentiality laws in the world. Another item worthy of note is that an accusation of tax evasion alone is not sufficient to force a Swiss bank to lift its veil of secrecy. This is because failure to report income or assets is not considered a criminal offense in Switzerland, it is considered a misdemeanor, and hence does not fall under the “provable criminal activity” or criminal intent exceptions that would allow the veil to be lifted. As such, neither the Swiss government, nor any other government, can obtain information about a depositor’s account without first convincing a Swiss judge that a serious crime (felony) has been committed by the depositor that would be punishable by the Swiss Penal Code. That being said, as a U.S. citizen trying to open a bank account in Switzerland, you may be met with some reluctance. if not outright disdain, by the Swiss banking authorities. Not that they dislike you personally because you're an American, but rather they might view you as not worth the extra trouble because of the predatory rules and practices of the U.S. Treasury Department that follow all Americans regardless of where they park their money. IRS regulations keep on getting more draconian year by year, and, unless you're among the super-rich, the Swiss bankers might consider you as simply not worth the headache vis-a-vis the extra paperwork and compliance rules that accompany you as a U.S. citizen. Sad, but true.
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