Swiss banking
Switzerland is a prosperous and economically advanced nation. 5.6% of the total Swiss workforce are employed in the banking sector. The value of the Swiss Franc has been relatively stable compared to that of other currencies.
Switzerland’s long tradition of bank secrecy, coupled with Swiss neutrality and national sovereignty, has created a stable environment in which the banking sector can develop and thrive. In 1934 the Swiss parliament passed the Banking Law of 1934, which codified the rules of secrecy and criminalizes violation of it.
It is currently estimated that 1/3 of all ‘offsure’ funds are kept in Switzerland.
Foreign banks operating in Switzerland manage over 870 billion Swiss francs worth of assets.
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