How the Super Rich Take Advantage of Swiss Banks

Therefore, the Swiss Parliament passed the "Federal Banking Act" in 1934. (Summer 2011) The theory of the Swiss system is basically based on the concept of independence and freedom, but the economic impact of Swiss strict bank confidentiality laws also has a beneficial reason for maintaining the current system is. (Summer 2011) Confidentiality measures of Swiss banks have brought tremendous benefits to the Swiss economy.

Our story started in 2005 with the start of a private banker, Bradley Birkenfeld, a US citizen, a Swiss bank UBS (formerly UBS). Work, the latter is the world's largest bank. It will promote tax incentives for ultra-wealthy customers. Birkenfeld's boss said these plans may be uncomfortable, but they are all legal. However, he encountered a letter from a bank attorney, in fact, these plans were detectives. Birkenfeld understands that the purpose of this letter is to protect the bank. Even if someone of that employee is caught, it does not mean that I do not know what it is doing. After pointing out the conflicts between oral and written content and dissatisfaction, Birkenfeld left another bank.

Credit Suisse is one of the largest banks in Switzerland, convicted of a money laundering program with US citizens and pays a fine of $ 2.6 billion. As a result, most Swiss banks no longer accept American citizens and their wealth as customers. How can the US compromise the confidentiality of Swiss banks? it's simple. The United States has informed Swiss banks that they will no longer work in the US or trade in dollars. Clearly, Swiss banks should line up and provide the US government with a list of customers and their assets.

For a long time, the infamous "Swiss bank account" symbolizes finance privacy. But anyone who has a bank account in Switzerland must trust the bank. And, as we saw in recent years, "privacy of the bank" is a myth in Switzerland. The customer turned over. information. Please imagine that there is a private bank account number in Switzerland. But you do not have to worry about Swiss banks themselves. It is a bit coin. With Bitcoin you can not trust a regulated bank subject to human management, but you can trust an unregulated encryption environment that is governed by incorrect mathematics. Regardless of how many guns the government points out, 2 + 2 is always equal to 4