Tougher Swiss banking rules

Central Banking staff
21 Jan 2003

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Switzerland has introduced more stringent rules on account identities in a renewed attempt to counter accusations that its tight bank secrecy laws encourage foreign tax evaders, terrorists and money launderers to hide their money in Swiss bank accounts.

The announcement of the new rules, by the Swiss Bankers Association and the Swiss Federal Banking Commission, comes ahead of tomorrow's meeting of EU finance ministers.

This meeting will try to finalise a directive on the taxation of savings

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