Tag Archives: Union Bank of Switzerland (UBS)

The Secrets of the Swiss

By THÉRÈSE MARGOLIS     When it comes to financial transparency, Switzerland has a pretty miserable record. For more than 300 years, the country’s financial institutions have prided themselves on their tight-lipped discretion and no-questions-asked deposits. In fact, in 1713, the Grand Council of Geneva adopted a formal code of secrecy prohibiting banks from divulging information with anyone except the account holder.

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