Temat: Whistleblowers in the Swiss Banking Sector: Legal Hurdles...

Whistleblowers in the Swiss Banking Sector: Legal Hurdles to Cooperating with Foreign Governments

Since the 2008 financial crisis, governments from many countries have focused on the prosecution against taxpayers with foreign undeclared bank accounts, as well as against banks, bankers and other professionals.

As the global market leader in the cross-border private banking business with a share of 26 percent
Switzerland is under unprecedented pressure. Its banking secrecy is targeted, in particular, by neighboring countries and the United States. In their effort to crack down on tax evasion, foreign governments have been helped by some Swiss banking's whistleblowers who have passed or sold them bank clients' details.

Whistleblowing is not a new phenomenon in the Swiss banking industry but it has increased significantly
over the past few years. In some instances, foreign governments have also obtained information from
individuals who were convicted abroad of assisting taxpayers to evade tax and who cooperated in order to receive a reduction in their sentence.

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