Swiss banking laws and banking secrecy

Banking in Switzerland is characterised by stability, privacy and protection of clients' assets and information. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law. All banks in Switzerland are regulated by Swiss Financial Market Supervisory Authority (FINMA), which derives its authority from a series of federal statutes.

The Federal Banking Commission, an independent agency of the Swiss government within the Federal Department of Finance, supervises most banking-related activities as well as securities markets and investment funds. Regulatory authority is derived from several statutes.

The office of the Swiss Banking Ombudsman, founded in 1993, is sponsored by the Swiss Banking Ombudsman Foundation, which was established by the Swiss Bankers Association. The ombudsman's services, which are offered free of charge, include mediation and assistance to persons searching for dormant assets. The ombudsman handles about 1,500 complaints raised against banks yearly.


Banking law of 1934

The Swiss Parliament passed the Banking Law of 1934, which codified the rules of secrecy and criminalizes violation of it. The secrecy provisions were not included in the first draft of the law, which mainly concerned administrative matters such as bank supervision. The provisions, found in Article 47(b), were added before passage of the bill due to Nazi authorities' attempts to investigate the assets of Jews and "enemies of the state" held in Switzerland.


Banking privacy (Bank secrecy)

Swiss bank secrecy does not protect private banking information; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries. While secrecy is protected, in practice all bank accounts are linked to an identified individual, and a prosecutor or judge may issue a "lifting order" in order to grant law enforcement access to information relevant to a criminal investigation.


Taxation (Taxation in Switzerland)

Swiss law distinguishes between tax evasion (non-reporting of income) and tax fraud (active deception). International legal assistance is only granted with respect to tax fraud. In domestic prosecutions, banking secrecy may be lifted by court order in cases of tax fraud or particularly severe cases of tax evasion.

Since July 1, 2005, Switzerland has charged a withholding tax on all interest earned in the personal Swiss accounts of European Union residents.


United States & IRS

Swiss bank accounts cannot be opened without the holder signing a legal document asserting that they have no outstanding financial obligations to the IRS. Despite this, Swiss banks have been criticized for improperly shielding individuals practicing tax evasion. Because only tax fraud (actively lying to authorities) is a crime in Switzerland, while tax evasion (passively neglecting to report income) is not, it is believed that many tax evaders have been able to take advantage of the Swiss privacy provisions.

In January 2003, the United States Department of Treasury announced a new information-sharing agreement under the already extant U.S.-Swiss Income Tax Convention; the agreement was intended to facilitate more effective tax information exchange between the two countries. However, Swiss policy has continued to come under international criticism, and in March 2009 Switzerland agreed to renegotiate more effective tax cooperation with the United States and other countries.


News

IRS cracks open 4,450 Swiss bank accounts

August 19, 2009 -- Deal with Swiss banking giant UBS gives access to secret accounts of Americans evading tax authorities.

Swiss banking giant UBS said Wednesday it had agreed to give to American authorities the names of up to 4,450 US account holders who the Internal Revenue Service suspects of using Switzerland's vaunted banking secrecy rules to avoid paying billions of dollars in US taxes.

The announcement ends an eight-month legal battle that strained Swiss-US diplomatic ties, saw UBS agree to pay $780 million in fines, and had Swiss bankers worrying that the secrecy laws that made Zurich synonymous with wealth were under siege.

IRS Commissioner Douglas Shulman declared "the world of international taxes has drastically changed" in a conference call with reporters. In a Bloomberg TV interview, Mr. Shulman said this case shows that the IRS can and will expand its global reach to catch American tax evaders.

"We're going to have our targets set on all categories of folks," Shulman said.

He also said the US will be given access to 5,000 Swiss accounts which at one point had $18 billion in assets.

Source: www.csmonitor.com


UBS Banker turned informant gets 40 months

FORT LAUDERDALE, Fla. (08/22/2009) -- A former UBS banker and key informant in the U.S. tax evasion case against Swiss bank UBS AG was sentenced to three years and four months in prison for helping a billionaire hide assets from U.S. tax authorities.

Is there a federal law that prohibits a banking institution like UBS from releasing financial information to a third party (employer) without permission? All of the information I have been able to find deals with releasing information to Government Agents, not private individuals. Thank you!

Swiss banks aren't so secret anymore now that Swiss banking giant UBS has agreed to give up the identities of thousands of its clients to US tax authorities...

I agree...certainly as to US citizens anyway.

I agree the US has killed that business for the SWiss

Update. June 21st. - 2012.



The following sent to ---- 312 Lords.------- House of Lords. (inc. Lord Myners.)
The following sent to ---- 649.M.P’s ------- House of Commons.

Full story plus all documentation sent to
640. M.P’s ------- House of Commons.
460. Lords. ------- House Of Lords.

BANK - PARTNERS IN CRIMES.

Pictet & Cie Bank.

Ivan Pictet.
Nicolas Pictet.
Charles Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat.

Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.

Swiss Banks or more correctly Swizz banks.

Swizz. ---- “a great disappointment.” or a “ fraud.”

Fraud. ---- “an intentional deception or dishonesty.”— “a crime.”

Crime. ---- “an act committed or omitted in violation of a law.”

Serious Crimes.
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.


Pictet & Cie Bank – Partners – (1996—2012) - guilty.
Peters & Peters – Partners. – (1999—2012) - guilty.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed, along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael .Q.C. – and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.— quote.

---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie -- a French Bank -- and Pictet Asset Management to back the fraud being perpetrated.””

(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. (Money Laundering.)

(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted.

(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery.

(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. (Monty Raphael Q.C.).

(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation.

(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

In the F.S.A. cover up, they concluded that there had been “Rogue” elements in Pictet & Cie’s, London operations. They had been moved from their London Office so who was there left to prosecute. “Unbelievable.”

** We thank --David Cameron. M.P. (Canary Wharf Speech.)
The Prime Minister.

(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead, and investigating every suspect transaction.
(4) We need to make it 100% clear – those who break the law should face prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever is involved, however high or well connected they may be.
The ‘Doyens’ of the establishment.’ (Ivan Pictet and Monty Raphael.)

Ivan Pictet.
Managing partner in Pictet & Cie Bank .--- retiring. 2010?
President of the Geneva Financial Centre. --- stepping down. 2010?
World Bank. Committee Member.
United Nations. Investment Committee Member.
Vice President – Global Humanitarian Forum. --- redundant. 2010?
Member of the Henokiens.
Blackstone Group --- Board Member.
Past – President – Geneva Private Bankers Association.
Past – President – Geneva Chamber of Commerce and Industry.

Monty Raphael. Q.C. (Peters & Peters.)
Quote.” --- Doyen of U.K. Fraud lawyers.
Head of Fraud and Regulatory Dept. --- stepping down?
Member of the Law Society of England & Wales.
International Bar Association Member.
Director of Fraud Advisory Panel.

Written Parliamentary Questions received by the table office...

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2) To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.


We started our campaign in June 2008 -- via the “net” to highlight our fight to get “justice”... Again we thank other “E- Mailers” for their information in relation to our campaign.

Quote. (America’s Top Lawyer.)

You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.
Truth Hurts.

• Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
• June 2010 – stepping down as president. Geneva. Financial Centre.
• Monty Raphael. Steps down as head. (Peters and Peters) May 2009.

*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

*** Were currently waiting to see if the West Yorkshire Police :-

1. Chief Constable ---- Sir Norman Bettison.
2. Forces Solicitor ---- Mike Percival.
3. Head of Economic Crimes Unit. ---- Det. Chief Inspector Steven Taylor.

-- continue to attempt to cover this case up like their F.S.A. Counterparts.
If they do “ watch this space”)

We have recently been informed that due to pressure from our M.P. that the Ministry of Justice had asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London. They might as well have asked Ivan Pictet to investigate or Friends Reunited.

Lady Myners on Prix Pictet board.

The consensus of opinion is the Pictet & Cie should be prosecuted, and that their banking licence’s should be taken away in the U.K. (and fined.)
Their solicitors at Peters & Peters --- struck off and prosecuted.
In America they would have all been in prison for the last seven years.

WEST YORKSHIRE POLICE.

We note that Det. Chief Inspector Steven Taylor has been removed as the Head of Economic Crime Unit and demoted to Det. Inspector. (One down two to go).

*** An official acting on behalf of the Secretary of State to investigate our complaint against West Yorkshire Police for withholding documentation from the creditors about assets/investments held in a Swiss Bank and hidden under “non sensitive – unused material”. He unbelievably made an agreement/commitment with the West Yorkshire Police not to release to the creditors this information and instructed not to tell us of the agreement they had reached. (Conspiring to Pervert the Course of Justice.)


A file of some 339 pages including scores of documentation as been forwarded to the following --.

640 --- Members of Parliament.
460 --- Members of the House of Lords.
Ministry of Justice
F.S.A --- Financial Services Authority
Serious Fraud Office.
Peters & Peters. London. --- Solicitors.
Pictet & Cie. Bank --- London & Geneva.
West Yorkshire Police Authority.
I.P.C.C. --- Independent Police Complaints Commission.
C.C.R.C. --- Criminal Cases Review Commission.
Swiss Ambassador London.


Started June 6 th 2008. (almost 5 million E-Mail in threeand half years.)
Still no injunctions -- no writs -- (they can’t go to Court ---- it’s all true.)

*** the Bigger they are ---- the harder they fall !!!

In America -- they would have all been in prison for the last seven years.





Full Story.

Go on “Google”or “Yahoo.)

1. Insert --- Charles Pictet. Banker.
2. Insert --- Ivan Pictet. Banker.
3. Insert --- Nicholas Pictet. Banker.
4. Insert --- Jacques de Saussure. Banker.
5. Insert --- Renaud De Planta. Banker.
6. Insert --- Jean-Francoise Demole. Banker.
7. Insert --- Philippe Bertherat. Banker.

Or insert any of the following combinations.


1. Insert.--- (Jacques de Saussure/ Monty Raphael)
2. Insert --- (Ivan Pictet / Monty Raphael)
3. Insert --- (Sir Norman Bettison/ Det.Chief Steven Taylor)
4. Insert --- (Charles Flint/ Monty Raphael)
5. Insert --- (Nicholas Campiche/ Susan Broadhead)
6. Insert --- (F.S.A./ Monty Raphael)
7. Insert --- (F.S.A./ Pictet & Cie)
8. Insert --- (Hansard/Ivan Pictet)
9. Insert --- (Lord Myners / Pictet & Cie)
10. Insert --- (Sir Anthony Holland / Monty Raphael)
11. Insert --- (David Cameron / Monty Raphael)
12. Insert --- (Bernard Madoff / Pictet & Cie)
13. Insert --- (Sir Norman Bettison / Mike Percival)
14. Insert --- (David Cameron / Pictet & Cie)

*** Latest News !.!.

Bernard Madoff’s trustee suing Pictet & Cie --- $156 Million.
Rogue Pictet & Cie advisors sold Madoff Funds.
Pictet & Cie helped thousands of rich Americans hide monies offshore.

Madoff got 150 years in jail ---- surely the bank partners, their lawyers and “advisors” should also get appropriate jail sentences.

Aug. 30th 2011 ---- Pictet & Cie and its Partners being sued by Saudi Arabian Co for $350 Million ---- Fraud and Money Laundering.

May 6th 2012 ---- U.S. Authorities ---- Geneva Bank Pictet used offshore Tax Scheme.

Then you can understand why people throughout the world are demonstrating about the corrupt practices of the banks and it’s partners and directors.

*** They could go the same way as the oldest Swiss Bank -- Wegelin. (Closed down.)

Pictet & Cie . Bank.---- list of Crimes.
The Rolls Royce Bank of Switzerland.

1996 --- Breach in London.

2003 --- FSA--- States rogues operating in Pictet’s – London Offices.
Ivan Pictet said documents were forgeries but were later proved to be genuine in a High Court. He had the documents held in their London offices destroyed. ( Hoping to hide their crimes – but we held the originals on embossed Pictet letterheads with their distinctive water-marks).

2007 --- Japan ---- The Securities and Exchange Surveillance issued a recommendation that the Japanese Prime Minister and the Commissioner of the FSA take disciplinary action against Pictet Asset Management. Japan.Ltd.

2008---Dec. --- Pictet Bank state --- “ we have never chosen any funds linked to MADOFF.

2011 --- Madoff Trustees sue Pictet & Cie. Bank – for $156 Million.

2011 --- Bank at centre of Bribery and Money Laundering Case . The Bank and its partners and directors sued for £350,000,000 ( In USA.)

2012 --- April. – Geneva Bank Pictet used in Offshore Scheme U.S. Authorities states.

2012 --- July --- De-Spiegel—states—Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to gain German millionaires as clients.

2012--- Aug. --- German Opposition Minister states that Swiss Banks are operating “Organised Crimes” in Germany.

Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA --- and the Police Serious Fraud Squad.

Written Parliamentary Questions received by the table office ..

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

*** Started campaign --- June 6th.2008.
4 .5years ---- approx 8 .5 million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.

*** . The bigger they are --- the harder they fall.!!!
In America ---- they would have all been in prison for the last seven years.


Monty Raphael Q.C. --- Master of the Bench --- one of the main advisors to the F.S.A. -- the Banks.--- and the Police.

Seeing that the Banks and the Police are now top of the criminality table and the F.S.A. top of the incompetency list for government bodies --- we cannot understand why Monty Raphael Q.C. and his firm of Peters & Peters are still allowed to operate.( Friends in high places.)

Monty And Friends In Association. (MAFIA.)