Despite promises to comply with OECD regulations that would introduce greater financial transparency, swiss banks will not respond to ´´indiscriminate´´ requests for confidential account details, says the chief executive of the Swiss bankers association (SBA). Swiss bank accounts are still protected by the Secrecy Law, says Urs Roth, and account holders should not be concerned about their privacy unless they commit an act of fraud. Further, information will only be provided following ´´justified requests´´ related to specific individuals.
More on this story at capital conservator offshore news.
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