Swiss Bank

(redirected from Swiss banks)

Swiss Bank

A bank based in Switzerland. Swiss banks are famous worldwide for their secrecy, which is mandated by Swiss law. This secrecy has resulted in a great deal of laundered and other illegal money to be deposited in Swiss accounts. Historically, this has formed a significant portion of the Swiss banking sector. However, the secrecy is not absolute and may be lifted by following appropriate procedures. See also: CHF, Gnomes of Zurich.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
Mentioned in ?
References in periodicals archive ?
MONEY deposited by Filipino banks and individuals in Swiss banks grew 20.23 percent in 2018, according to a report released by the Swiss National Bank (SNB).
According to recent figures, Indian customers' holdings in Swiss banks have dropped significantly.
Summary: Kathmandu [Nepal], Jan 17 (ANI): As many as 55 businessmen of Nepal have parked Nepali Rs 52,072,774,000 billion in Swiss Banks by defying the law of the land, the Center for Investigative Journalism (CIJ) has claimed.
New Delhi: Loans and deposits of non-bank Indians in Swiss banks decreased by 34.5 percent in 2017 as compared with the previous year, Parliament was informed Tuesday.
ISLAMABAD: Pakistan has sought assistance from the government of Switzerland in tracing and bringing back the money illegally stashed by Pakistani nationals in Swiss Banks. The cooperation was sought by Law Minister Farogh Naseem during a meeting with Swiss Ambassador Thomas Kollay here on Wednesday.
Zurich prosecutors had asked the court to interpret the law so that the secrecy obligation was widened to include people with looser working relationships to Swiss banks and their subsidiaries abroad.
Summary: The UK continued to account for the largest chunk at about CHF403b (over 27%) of the total foreign money with Swiss banks
The Senate Committee was informed that the ADT treaty with the Swiss government does not cover the options to retrieve money deposited by Pakistani nationals in Swiss banks.
government began a sustained investigation into the practices of Union Bank of Switzerland (UBS), Credit Suisse AG, and other Swiss banks that had been long suspected of assisting Americans in tax evasion.
Money held by Indians in Swiss banks fell by over 10 per cent last year to 1.8 billion Swiss franc (about Rs 12,615 crore), amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system by Indian and other governments.
-- Moody's Investors Service has concluded its rating reviews on 11 Swiss banks initiated on 17 March 2015 following the publication of Moody's revised bank rating methodology.

Full browser ?