Switzerland pays the price for banking secrecy [1]

SwissInfo.ch
by Armando Mombelli, August 30, 2012

Attacks from European governments, investigations against Swiss banks in the United States and international arrest warrants against bankers - in the space of just a few years, banking secrecy has turned into a costly burden.

"Today I met several bankers in Zurich. They were all shaking their heads saying, ‘In 40 years of operations we’ve never had a crisis like this one – a war like the one being waged against the Swiss banking system. We’re in the artillery sights of every country and every day there are new attacks’,” recounted Paolo Bernasconi, a business law professor at St Gallen University and former Ticino public prosecutor.

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