Banking in Switzerland … and some of it’s actual problems – 1

Written on June 28th, 2014 in politics Comments Off

Banking in Switzerland on en.wikipedia is regulated by the Swiss Financial Market Supervisory Authority (FINMA) / (the Swiss government body responsible for financial regulation), (and) 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.[1] 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 …;  

Find further on the same wikipedia-page:

  • 1 History
  • 2 Overview
  • 3 Law and regulation
  • 3.1 Statutes
  • 3.1.1 Banking Law of 1934
  • 4 Electronic payments
  • 5 Major banks
  • 5.1 UBS
  • 5.2 Credit Suisse
  • 6 Other banks
  • 6.1 Central Bank
  • 6.2 Private banks – Private bankers
  • 6.3 Cantonal banks
  • 6.4 Raiffeisen banks
  • 7 Banking privacy
  • 7.1 Taxation
  • 7.1.1 European Union
  • 7.1.2 United States
  • 7.2 Numbered bank accounts
  • 8 Money laundering
  • 8.1 Bradley Birkenfeld whistleblowing case
  • 8.2 Allegations of black money
  • 11 Notes and references
  • 12 See also
  • 13 External links

Web-Links for some recent related articles:

UPDATE 1 – Swiss host Chinese central bank to discuss renminbi hub plan, on Reuters, June 27, 2014: Switzerland touted its qualifications to be a hub of renminbi trading on Friday, as its central bank chief and finance minister hosted People’s Bank of China (PBOC) Governor Zhou Xiaochuan at a private event for Swiss and Chinese bankers.

Our stolen money in Swiss banks, on Geopolitical Analysis, by K.N. Pandita, June 23, 2014;

Swiss banks’ response shows that the new Indian govt is serious about black money, on money life, June 23, 2014;

Indian money in Swiss banks rise to over Rs 14,000 crore, on The Economic Times, June 19, 2014;

dollar-renminbi exchange rate history on Google Web-search;

Some history about all:
… // …
… (to be continued) …

Legislation:

Swiss Banks are part of and depending on the country’s culture, including the political system of Switzerlad. See on en.wikipedia:
The politics of Switzerland take place in the framework of a multi-party federal directorial democratic republic, whereby the Federal Council of Switzerland is the head of government and head of state. Executive power is exercised by the government and the federal administration and is not concentrated in any one person. Federal legislative power is vested in both the government and the two chambers of the Federal Assembly of Switzerland. The judiciary is independent of the executive and the legislature …;
Switzerland is the closest state in the world to a direct democracy. For any change in the constitution, a referendum is mandatory (mandatory referendum); for any change in a law, a referendum can be requested (optional referendum). Through referenda, citizens may challenge any law voted by federal parliament and through federal popular initiative introduce amendments to the federal constitution.
Contents:

  • 1 Direct representation
  • 2 Executive branch
  • 3 Legislative branch
  • 4 Political parties and elections
  • 5 Judicial branch
  • 6 Political conditions
  • 6.1 Extremism
  • 7 Foreign relations
  • 8 Energy politics
  • 9 See also
  • 10 Notes and references
  • 11 Bibliography
  • 12 External links

some Swiss banking legislatives:

… (to be continued) …

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