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Some Swiss banks supplement the number with a code name such as "Cardinal", [5] "Octopussy" [6] or "Cello" [6] as an alternative manner to identify the client. [7] However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets. [8]
The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares. [82]
The law, coupled with a stable Swiss currency and international neutrality, prompted large capital flight to private Swiss accounts. During the 1940s, numbered bank accounts were introduced creating an enduring principle of bank secrecy that continues to be considered one of the main aspects of private banking globally.
When opening a Swiss bank account, Americans have to file an FBAR form with the IRS that discloses the assets. Back when the "international man of mystery" concept of the Swiss bank account holder ...
Category 3 and 4 accounts, which had weaker and weakest Holocaust nexus respectively, added 43,415 accounts and 4.2 million Swiss Francs to the tally. [ 7 ] In 1998, a United States class-action lawsuit resulted in a settlement of $1.25 billion by the two largest Swiss banks, which is supposed to cover claims by victims and their heirs.
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Bradley Charles Birkenfeld (born February 26, 1965) is an American private banker, Author of Lucifer's Banker, convicted felon, and whistleblower.During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion.
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