Why are the Swiss banks famous?

         The term ‘Swiss banks’ may seem familiar as they are often quoted in news reports. However, they are not always famous for the right reasons!

           We have seen that Switzerland is considered a stable country with an equally stable economic system. This inspires investors across the globe to make investments in this country.

           Yet another reason is the rule of bank secrecy that the country has maintained since the Middle Ages. That is, because of the privacy and protection given by the banks, details of an account holder cannot be accessed by government authorities. In some cases, the account holders are identified by certain numbers, and not even using names.

           It was continuously reported that banks in Geneva and Zurich served as safe places for corrupt people with hidden money, tax evaders etc., because nobody could track their accounts. It was as per the Banking Law of 1934 that Switzerland maintains secrecy in its banking system.

           However, recent changes in the bank rules have made things easier than before. However, Swiss banks are still not as transparent as those in other countries.