Swiss Bankers Group Sees Banking Secrecy to Rise to Prominence Again

Contributing Editor

1 December 2005

The chief executive of the Swiss Bankers Association expects issues over Swiss banking secrecy to rise to prominence again, despite the current apparent lack of interest among major regulators. Speaking to a gathering of journalists in London, Urs Roth, chief executive of the Swiss Bankers Association, said he expects Swiss banking secrecy will again become a major issue among regulators in Brussels and groups like the Organisation of Economic Cooperation and Development in Paris. “I fully expect it will again rise to prominence as an issue,” he said in response to a question from WealthBriefing. Mr Roth said current Swiss relations with Brussels and London over issues like the European Union’s Savings Directive were very good. “The Savings Directive is over as a major issue between Switzerland and the rest of Europe,” he said. Washington was also less concerned about issues around Swiss banking secrecy at this present time. “Policy makers there are more concerned with internal issues such as the problems this summer in New Orleans and related issues,” said one of Mr Roth’s colleagues at the SBA. He added: “Issues around international economy are not a priority.” The recent OECD Global Forum on transparency and information exchange for tax purposes in Melbourne, where Switzerland was allowed to attend for the first time as an invitee, was indicative of the current mood towards the country, said Mr Roth. As an invitee, Switzerland was allowed to explain its view on banking secrecy and financial transparency, which delegates appeared to accept. The Savings Directive was introduced at the beginning of July and Mr Roth said that Swiss banks had spent more than SFr600 million ($456.1 million) on compliance issues to do with the implementing the necessary procedures to meet the demands of the directive.