Switzerland has finally given in to the fear of terrorism. From 1934 to June 30, 2008, Swiss banks would not and could not, under Swiss law, give information about where their clients’ money came from to third parties, even foreign governments or the Swiss government itself. Switzerland is a member of the Financial Action Task Force (FATF), an inter-governmental body developing and promoting policies to combat money laundering and terrorist financing. Starting on July 1, 2008, the FATF will be requiring name, address, account number/IBAN of the originator to be specified for all money transfers into a Swiss bank account. From now on, any foreign government can request all information about money transfers going to and coming out of any Swiss bank account. All European Union countries have already been implementing this FATF regulation since January 1, 2008.
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