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UBS Bankarstvo 3 2015 Milenkovic Milenkovic PDF
UBS Bankarstvo 3 2015 Milenkovic Milenkovic PDF
FENOMEN
ŠVAJCARSKOG
BANKARSTVA
Prof. dr Ivan Milenković
Vanredni profesor, Univerzitet
u Novom Sadu, Ekonomski
fakultet Subotica
imilenkovic@ef.uns.ac.rs
Rezime
Prevod
obezbedili
autori
PHENOMENON
OF SWISS
BANKING
Prof. dr Ivan Milenković
Associate Professor, University of
Novi Sad, Faculty of Economics in
Subotica
imilenkovic@ef.uns.ac.rs
Prof. dr Dragana
Summary Milenković
Associate Professor, University of
Swiss banking is a „generic name“ for a system based on private banking Priština, Faculty of Economics in
Kosovska Mitrovica
and banking secrecy. In the introductory chapter we highlight the difference dragana.milenkovic@pr.ac.rs
between Swiss banking and banking in the Switzerland’s system. In the second
chapter we present a more detailed description of the institution of banking
secrecy, while in the third chapter we present the exceptions to it. The fourth
chapter elaborates on the present and the future of Swiss banking. It is argued
whether in the present circumstances banking secrecy has become disruptive
to the further development of both Swiss banking and banking in Switzerland
and whether Swiss banking will come to an end in the future.
Translation
provided by
the authors
Švajcarsko bankarstvo ≠ bankarstvo trend bio prisutan i pre I svetskog rata, sam
u Švajcarskoj rat (I svetski, a još više kasnije i II svetski), ali
naročito period između dva svetska rata faktički
Švajcarsko bankarstvo se često netačno su doprineli razvoju švajcarskog bankarstva.
smatra sinonimom za bankarstvo u zemlji Pošto je Švajcarska bila vojno neutralna, njeno
Švajcarskoj. Švajcarsko bankarstvo je „generičko bankarstvo bilo je otvoreno za građanstvo obe
ime“ za sistem koji počiva na privatnom zaraćene strane. Poznato je da se švajcarskom
bankarsvo uz bankarsku tajnost. Švajcarsko bankarstvu pripisuje neetičnost. To je najviše
bankarstvo neraskidivo je vezano za pojam vezano za slučaj slepog poštovanja bankarske
bankarske tajne. Bitno je naglasiti da bankarska tajne u slučaju računa Jevreja stradalih u II
tajna nije jedini faktor koji je učinio Švajcarsku svetskom ratu. Pozivajući se na bankarsku tajnu
jednim od najznačajnijih svetskih finansijskih švajcarske banke su jednostavno desetlećima
centara, već mnogi faktori u interakciji, ali je koristile sredstva sa tih računa, da bi se tek 1999.
bankarska tajna ipak važna za uspeh švajcarskog godine nagodili sa naslednicama žrtava i isplatili
bankarskog sektora. Pošto je ta karakteristika im ukuno 1,25 milijardi dolara. Period između
ono što je dosta obeležilo sve švajcarske banke, dva svetska rata je naročito išao na ruku razvoju
tj. pošto su po njoj švajcarske banke toliko bankarstva u Švajcarskoj, kada su najveće
prepoznatljive da je pojava švajcarsko bankarstvo švajcarske banke po visini kapitala počele da
faktički postalo sinonim za lično bankarstvo sa pristižu najveće nemačke i francuske banke.
jakom bankarskom tajnom, u daljem tekstu Period posle velike ekonomske krize 1929-1933.
koncentrisati na značaj bankarske tajne. godine obeležen je težnjom Hitlerove Nemačke
Da bi do kraja otklonili netačno, sinonimsko da sve „nemačke fondove“ objedini u nemačkim
posmatranje švajcarskog bankarstva, kao bankama, za šta su prepreka bile švajcarske
specifičnog vida međunarodnog bankarstva, banke. Događaji sa tri nemačka špijuna
i bankarstva u Švajcarskoj, kao jednoj od uhvaćenim u industrijskoj špijunaži švajcarskih
najrazvijenijih i najuređenih zemalja na svetu, banaka i kada je nemački državljanin Arthur
najpre opisujemo osnovne elemente bankarstva Pfau neuspešno pokušao da ubedi službenika
u Švajcarskoj, a potom detaljno analiziramo švajcarske UBS banke da mu da uvid u neke
fenomen bankarske tajnosti. detalje nemačkih klijenata (1931. godine) učvrstio
Švajcarska je jedan od vodećih svetskih je tamošnje vlasti u neophodnost postojanje
finansijskih centara. Iako ima manje od 0,1% bankarske tajne i njenoj institucionalizaciji. Treba
svetskog stanovništva, u njenim bankama se naglasiti da su se ti događaji zbili pre dolaska
nalazi više od 1/3 (oko 35%) ukupnog svetskog Hitlera na vlast u Nemačkoj (1933. godine).
privatnog kapitala (kapitala pojedinaca), što je Neki, uglavnom ne-Švajcarci, tvrde da je zakon
čini super-silom u međunarodnom bankarstvu. iz 1934. godine donesen da bi sprečio otvaranje
Ju-bi-es (UBS) i Kredi Suis (Credit Suisse) su stranih banka u Švajcarskoj. I pre 1934. godine,
među vodećim svetskim mega-bankama. Sve kao što je to bio slučaj i u većini ostalih zemalja,
su to razlozi zbog kojih je Švajcarska lider u bankarska tajnost bila je pitanje regulisano
međunarodnom ofšor privatnom bankarstvu i najboljom praksom. Tridesete godine XX veka
jedan od vodećih svetskih finansijskih centara. vreme su značajnih ekonomskih i političkih
Švajcarska je specifična već po tome što je poteškoća. Porezi u Evropi su bili su visoki zbog
zbog svog geografskog položaja dosta izolovana obnove posle I svetskog rata i otplate reparacija,
(kontinentalni deo Evrope koji se nalazi na pa su vlade u Nemačkoj i Francuskoj pokušale
Alpima). Iz te izolovanosti verovatno korene inflitriranje u švajcarske banke kako bi otkrile
vuče i činjenica da je Švajcarska neutralna imovinu svojih državljana u njima. Incident
država, da nije član Evropske Unije, MMF-a niti poznat kao „Pariska afera“ iz 1932. godine izbio
Grupacije svetske banke, i da je tek nedavno, u je kada su dva francuska klijenta švajcarske
XXI veku, postala član Ujedinjenih nacija. Basler Handelsbank uhapšeni u Parizu dok su
Tek je u XX veku bankarstvo u Švajcarskoj pokušavali da nekim francuskim državljanima
je postalo međunarodno (u smislu da su klijenti pomognu u izbegavanju poreza. Tako su
švajcarskih banaka postajali stranci). Iako je taj francuske vlasti saznale da u toj banci uloge ima
Bankarstvo 3 2015 61
1.000 francuskih državljana, što je izazvalo veliki Švajcarska će nastaviti da koristi prednosti jake
skandal u Francuskoj (Thome, 2009, str. 5-6). valute i niskog nivoa nacionalnog duga. Poslovno
Posle završetka II svetskog rata, Zakon o okruženje je karakteristično po veoma niskom
bankama, a u okviru njega i bankarska tajnost, nivou korupcije, takođe prisutan je i nizak nivo
bio je na snazi već 10 godina. S obzirom da je eksproprijacije. Osim toga, visok životni standard
polovina tog perioda prošla u ratu, Švajcarska i sistem socijalne zaštite će igrati glavnu ulogu
nije imala dovoljno vremena da ostvari u obezbeđivanju socijalne sigurnosti. Ne manje
pozitivne efekte od uvođenja pomenutog važno od svega, neophodno je napomenuti da
zakona. Međutim, nakon završetka rata, je politički sistem u Švajcarskoj zasnovan na
dolazi do porasta atraktivnosti Švajcarske kao principima neposredne demokratije, što samo
finansijskog centra. Iako ne glavni, jedan od po sebi garantuje visok stepen kontinuiteta. Sve
razloga za to jeste postojanje bankarske tajnosti. dok postoje politička i društvena previranja i
U tom kontekstu, interesantno je razmotriti ekonomske krize u nekim drugim regioima
pogled Nezavisne komisije eksperata Švajcarske sveta, Švajcarska može da se osloni na svoj status
- II svetski rat (Independent Commission of sigurnog utočišta kao ključnog faktora uspeha
Experts Switzerland - ICE) iz 2001, kada su svoga bankarstva (PWC, 2013, str. 19-20).
izjavili sledeće: „Iz straha od devalvacije valute, Politička stabilizacija Evrope, stvaranje
političke nestabilnosti, strane kontrole razmene, evropskog ekonomskog prostora sa slobodnim
oduzimanja imanja ili rata, mnogi Evropljani kretanjem dobara, kapitala i ljudi, kao i
transferuju svoja likvidna sredstva u Švajcarsku uvođenje evra je jako uticalo na tradicionalnu
tokom dvadesetih i tridesetih godina prošlog lokacijsku prednost Švajcarske. Susedne zemlje
veka. Švajcarska tradicionalna neutralnost, su ulagale napor da vrate sredstva uložena u
međunarodna reputacija švajcarskog inostranstvo u njihove države putem niskih
finansijskog centra, laka dostupnost u centru poreskih opterećenja i poreskih amnestija. U
Evrope, nedostatak strane kontrole razmene isto vreme švajcarska bankarska tajna je u više
i jak švajcarski franak učinili su Švajcarsku navrata dovođena međunarodno u pitanje, što
popularnim rajem“ (Vogler, 2006, str. 29). je uznemirilo ofšor klijente švajcarskih banaka.
Prava internacionalizacija švajcarskog Mnogi bogati klijenti smatraju da neoporezovani
bankarskog sektora (u smislu da švajcarske novac vredi manje nego oporezovani zbog toga
banke počinju da posluju po svetu) dogodila što neoporezovani novac nosi veći rizik i ne može
se tek sedamdesetih godina XX veka. se slobodno koristiti. Kao posledica toga postoji
Švajcarska je stekla reputaciju sigurnog tendencija da nove generacije bogatih ljudi u
utočišta novca i kapitala zbog svoje dugogodišnje Evropi preferiraju korišćenje legalnih poreski
ekonomske, političke, pravne i socijalne optimizovanih opcija do obične poreske evazije.
stabilnosti. Zahvaljujući ekonomskom uticaju,
Bankarstvo 3 2015 63
war debts, and government agents from both Switzerland earned the reputation of a
France and Germany attempted to infiltrate safe haven due to its long-standing economic,
Swiss banks to discover what assets their own political, legal and social stability. Thanks to its
citizens had placed in the Swiss banks. Notable economic clout, Switzerland will continue to
incidents include the 1932 ‘Paris Affair’ when benefit from a strong currency and a low level
the French authorities acquired the names of of national debt. The business environment
1,000 politically prominent clients of Basler is characterized by very little corruption
Handelsbank after two members of its staff and arbitrariness as well as a low risk of
were arrested in Paris as they were trying to expropriation. Furthermore, the high average
help some French citizens to avoid paying standard of living and the social security system
the coupon tax. This caused a scandal which will play a major role in ensuring social stability.
erupted in France (Thome, 2009, pp. 5-6). And last but not the least, the political system in
At the end of the War, the Law on banking Switzerland is based on the principles of direct
and banking secrecy had been in force for ten democracy, which in itself guarantees a high
years. More than half of this period had been degree of continuity. As long as there is political
taken up by the War, during which time there and social turmoil or economic downturn in
was little chance for the new Swiss law to exert other regions of the world, Switzerland can
much positive effect. But what can explain rely on its safe haven status as the key success
the increasing appeal of Switzerland as a factor for its private banking industry (PWC,
financial centre, built up over many long years 2013, p. 19-20).
to the present day, if not banking secrecy? It The political stabilization of Europe, the
is interesting in this context to revisit the view creation of the European economic area based
of the Independent Commission of Experts on free movement of goods, capital and people,
Switzerland - Second World War (ICE). In 2001 as well as the introduction of the Euro affected
it stated the following: “Out of fear of currency the traditional advantage of Switzerland in
devaluation, political insecurities, foreign terms of its location. The neighbouring countries
exchange controls, dispossession or war, many have made efforts to return the funds invested
Europeans transferred some of their liquid abroad through low taxes and tax amnesties.
assets to Switzerland during the 1920s and early At the same time, the Swiss banking secrecy
1930s. Switzerland’s traditional neutrality, the has repeatedly been brought into question at
Swiss financial centre’s international reputation, the international level, which upset the offshore
its easy accessibility in the centre of Europe, clients of Swiss banks. Many wealthy clients
the lack of foreign exchange controls and the find that untaxed money is worth less than
strong Swiss franc made Switzerland a popular taxed because untaxed money causes a higher
haven.” (Vogler, 2006, p. 29). risk and cannot be used freely. As a result there
The real internationalization of the Swiss is a tendency that a new generation of wealthy
banking sector (in the sense that Swiss banks people in Europe prefers the use of legal tax-
are starting to operate globally) occurred only optimized options to ordinary tax evasion.
during the 1970s.
64 Bankarstvo 3 2015
Tabela 1. Ključni fakori koji opisuju poslovno okruženju u Švacarskom privatnom bankarstvu tokom
narednih godina
Upravljanje Sigurno Bogatstvo Odliv
Učinak Konkurencija
sredstvima okruženje generacija sredstava
Banke koriste Ekonomski rast je Neizvesnost Privlačenje Privlačenje
povoljnu pozitivan, ali vrlo investitora i novih klijenata i novih klijenata i
političko- mali, pa je samim slabljenje EUR i kapitala ugroženo kapitala ugroženo
ekonomsku tim i bogatstvo USD se odražava je pojačanom je pojačanom
situaciju države ograničeno na klijenta, a konkurencijom konkurencijom
u okolnostima efekat će zavisiti između banaka između banaka
nestabilnosti EU od dužine trajanja i eksternih i eksternih
ekonomske krize menadžera menadžera
Trgovačke Preferencije
Prihodi Kamatna stopa Provizije Retrocesija
aktivnosti klijenta
Loš učinak na Skandali ili Rekordno niske Posle regulisanja MFID zabranjuje
tržištu kapitala preferencije kamatne stope ofšor kapitala retrocesiju, što
u velikoj meri klijenata dovode su dosta uticale Švajcarski je bio veliki
opterećuju do averzije na profitabilnost menadžeri će izvor prihoda od
trgovinske klijenata prema banaka. Uticaj biti direktna prodaje proizvoda
aktivnosti. Efekat kompleksnim i zavisi od budućih konkurencija
će zavisiti od struktuiranim monetarnih stranim, što će
dužine trajanja proizvodima politika ECB, povećati pritisak
ekonomske krize FOMC i SNB na naknade i
provizije
Menadžment
Troškovi Regulativa Depozitari Know how Tehnologija
odnosa
Pristupanje EU FINMA povećava MFID II zahteva MFID II standardi Potrebne velike
je povezano sa pritisak na značajne povećavaju investicije u
usvajanjem MFID depozitare kako investicije u administrativni informacionu
II standarda (npr. ljudske resurse posao tehnologiju
zaštita potrošača menadžmenta
iz EU) odnosa
(profilisanje
klijenata itd)
Negativniuticaji
Negativni uticaji
Pozitivniuticaji
Pozitivni uticaji
Neutralniuticaji
Neutralni uticaji
Izvor: PWC, 2013, str. 19
Pozicija bankarstva u Švajcarskoj kao u svetu, samo 2,1% (SFI Knowledge Transfer,
svetskog lidera u ličnom bankarstvu (private 2012, str. 2-3), što ne bi bilo moguće bez čvrstog
banking) je izgrađena na makroekonomskim i zdravog bankarskog sektora. Poslednje ali ne
i mikroekonomskim temeljima. Za razliku i najmanje važno, Švajcarske banke su najbolje
od drugih razvijenih zemalja, Švajcarska kapitalizovane i kao takve mogu da nastave
održava svoju finansijsku stabilnost kroz nizak da posluju kao utočište klijenata širom sveta,
javni dug i pozitivan budžetski bilans. Pored posebno tokom turbulentnih vremena.
toga, uzimajući u obzir i stručnjake sa kojima Švajcarska je poznata je po sigurnim bankama,
raspolaže, Švajcarska postaje najinovativnija što je imidž građen desetlećima. Najznačajniji
i konkurentnija zemlja širom sveta, čime jača faktori koji su doprineli takvom stanju su:
svoj položaj globalnog i svetskog finansijskog • politička stablinost usled činjenice da je
centra. Švajcarski bankarski sektor u potpunosti Švajcarska vojno neutralna već oko 150
igra ulogu u raspodeli kapitala na ostatak godina,
privrede, čime podržava rast i otvaranje novih • ekonomska i stabilnost pravnog sistema,
radnih mesta. Od finansijske krize, krediti za • najviši poznati stepen nezavisnosti centralne
preduzeća pokazuju stopu rasta od 6%, dok za banke, jaka i konvertibilna valuta,
tri najveće ekonomije u Evropskoj Uniji imaju • stabilan bankarski sistem, koji podrazumeva
tendenciju pada za 7%. U Švajcarskoj su krediti profesionalne usluge,
dostupni po jednoj od najnižih kamatnih stopa • tzv. bankarska tajna.
Bankarstvo 3 2015 65
Table 1. Key factors driving the business environment in the Swiss private banking industry over the next
few years
Assets under Asset
Safe haven Wealth generation Performance Competition
management outflow
Swiss banks Economic growthUncertainty Attraction of new Attraction of new
capitalize on is very little if
among investors clients and clients and
Switzerland’s even positive in
and weakness of assets is being assets is being
role as safe the industry’s EUR and USD exacerbated exacerbated
haven as the EU main markets inhas weighed by the intense by the intense
experiences times the EU. Wealth heavily on client competition competition
of political, social generation is portfolios. among banks and among banks and
and economical therefore limited
Effect depends external asset external asset
instability on duration of managers managers
economic crisis
in EU
Revenues Trading activity Client preferences Interest rates Fees Retrocession
Poor capital Scandals (e.g. Record-low After MiFid II prohibits
market Madoff) and interest rates have regularisation of retrocession,
performance product-pushing weighed heavily offshore assets, which have been
has weighed have led to on banks‘ Swiss wealth an important
heavily on trading aversion from profitability. managers will source of product
activity. Clients client towards Impact depends be in direct sales income
increased complex on future competition to
cash levels. investment monetary policy foreign players.
Effect depends products such of ECB, SNB and This will increase
on duration of as structured FOMC pressure on fees
economic crisis products
in EU
Relationship
Expenses Regulation Custodian Know-how Technology
mgmt
EU access is tied FINMA increases MiFID II MiFID II Significant
to the adoption pressure on compliant compliant investments
of MiFID II custodians to standards standards needed to
compliant ensure compliance required by recent increase implement MiFID
standards of self-regulated FINMA administrative II compliant
(e.g. customer external asset position paper work of standards in IT
protection for EU managers as it require relationship systems (e.g.
residents). lacks resources significant management tax-compliant
Implementations to do it itself investments in (e.g. client reporting
of FATCA and human resources profiling, meeting material)
RUBIK are protocols,
expensive informing the
client)
Negativnibottom
Negative uticajiline impact
Pozitivnibottom
Positive uticajiline impact
Neutralni
Neutral uticaji
bottom line impact
The position of banking industry in Swiss banking sector has been fully playing
Switzerland as a world leader in private its role of allocating capital to the rest of the
banking is built upon the outstanding country economy, thereby supporting growth and
fundamentals both at the macro-economic job creation. Indeed, since the financial crisis,
and micro-economic levels. Being exceptional corporate lending has increased by 6% whereas
among the developed countries, Switzerland it has shrunk by 7% on average in the 3 largest
maintains its stability as the optimal financial EU economies. Furthermore, loans are available
centre through low public debt and positive at one of the lowest rates in the world - only
budget balance. This, along with its abundance 2.1% (SFI Knowledge Transfer, 2012, pp. 2-3),
of expertise and talent, enables Switzerland to which could not happen without a sound and
be the most innovative and competitive country solid banking sector. Last but not least, Swiss
worldwide, thus strengthening its position of banks are comparatively the best capitalized in
a global and world-class financial centre. The the world and as such will continue to operate
66 Bankarstvo 3 2015
as safe havens to clients, especially during these forbidden to reveal this information to anyone
turbulent times. other than the client, except with the consent
Switzerland is well known for its safe banks, of the City Council. The right to privacy has
which is an image built for decades. The most been a rich tradition and a hallmark of the
important factors that contributed to such an Swiss banking system for centuries. Originally
image are: established to protect French Huguenots fleeing
• political stability due to the fact that from religious persecution in the 17th century,
Switzerland has been military neutral for the Swiss banking secrecy laws later evolved to
about 150 years, assist the European Jews and others to protect
• economic stability as well as stability of the assets from the Nazis. Although recently
juridical system, relaxed, Switzerland’s unique bank secrecy
• the highest known level of central bank laws are protected in numerous legal codes
independence, strong and convertible as well as in the bank-client relationship. The
currency, historic importance of customer secrecy, along
• stabile banking system with professional with a heavy focus on investment management
services, and private banking for the wealthy rather than
• banking secrecy. large-scale retail banking, has led Switzerland
to help develop and underscore the importance
Banking secrecy in Swiss banking of the ‘Know Your Customer’ (KYC) principle
(Rowe, 2012(a), p. 1).
Swiss banking is virtually synonymous In modern times the Swiss banking secrecy
with a national banking system with extensive originates from the Swiss Banking Act of 1934,
presence of banking secrecy. Banking secrecy and has led to the evolution of the famous
is a practice which implies that the client’s data Swiss banks. When the money gets deposited
are kept secret from all third parties, regardless in Swiss bank accounts, bankers are required to
of whether these are private individuals or keep this information strictly confidential. They
state authorities. Banking secrecy is based on are not allowed to disclose the existence of the
the fact that each bank's client has the right person’s account even with the consent of the
to confidentiality of information and data very depositor. Cessation of banking secrecy is
about his operations with a bank, and this allowed in the cases of the suspicion of money
confidentiality excludes the possibility for a laundering, illegal activities, or insider trading.
third party to find out any information from Not only is Switzerland’s bank-customer
the bank. Banking secrecy is an extension of the confidentiality codified into the Swiss law,
concept of banking discretion, that puts bankers but it is also protected by the constitution of
under a professional obligation to keep the Switzerland. Art. 13 of the Swiss Constitution
client's personal and financial information in grants every person ‘the right to receive respect
strict confidence. Bank secrecy implies that this for his/her private and family life, including
information is not accessible to anyone, because that related to income and assets’. Art. 47 of
otherewise there may be negative consequences the Swiss Banking Act essentially requires for
for the client. This information may be related anyone acting as a banker or related to banking
to the transaction (amount, frequency) or the to be strictly banned from revealing customer
very existence of the account. information (Rowe, 2012, p. 3).
Banking secrecy in Switzerland has a long In every country technically there is banking
tradition that goes back to the past for over secrecy, i.e. norms, rules and regulations that
three hundred years. One of the first laws protect customers' information, which should
regulating bank secrecy dates back to the not be shared by the bank with anyone. The
beginning of the eighteenth century: in 1713, the only difference between countries is in the
Grand Assembly in Geneva adopted a banking level of secrecy, which is most pronounced in
regulation which prescribed that bankers Switzerland. Swiss banks have historically held
have an obligation to maintain a register of strong to banking secrecy, although it was not
their clients and their transactions. They were "legalized" (i.e. incorporated into the national
68 Bankarstvo 3 2015
legal system) until 1934. Until then, the banking be the least important for the management of
secrecy was not legally regulated, but was aforementioned client-companies. It is vital that
present in the everyday operations. For this there this information gets classified and processed
are historical reasons. First, it was due to the properly. These data are often important for the
aforementioned isolated geographic position of company only until they become available to
Switzerland and its neutrality. Furthermore, the competition and the public.
geographical position also affected the Swiss Violation of banking secrecy in Switzerland,
banking industry’s direction of development: whether intentional or not, is strictly forbidden.
it did not develop as the banking sectors in Accordingly, a Swiss banker who discloses
other countries - to support the economy after information about a client without his consent
the industrial revolution. On the contrary, can be fined up to 50,000 CHF. Double
the Swiss economy has a traditionally well- punishment principle is being applied. If an
developed craftsmanship sector, and the Swiss indiscretion was made by negligence, the
banking sector developed not in the direction maximum fine is 30,000 CHF.
of investment banking, but in the direction of
private banking. Later, as a natural continuation Exceptions to the principle of
of the historic and cultural trends, the banking banking secrecy and reasons against
sector in Switzerland was involved relatively banking secrecy
more extensively than in other national
economies in mortgage operations and, later Today, however, the principle of banking
still, portfolio management. Since in all these secrecy in Switzerland is not implemented
transactions confidentiality is very important, indiscriminately, as was the case in the past.
this is the origin of the development and There are exceptions to the rule of banking
importance of banking secrecy. secrecy in specific cases such as:
The term “banking secrecy” covers all • if the client agrees with that. If a Swiss court
business relationships between bank clients and receives a request from a foreign court for
the bank itself. This includes all information, insight into the business account of a certain
whether professional or personal in nature, citizen, it does not act upon the request
obtained related to business transactions automatically.
with the client or in consultations with him. • if the Swiss law stipulates so. In 1998 a
It also covers all clients’ contacts with the Law was passed mandating the Swiss
bank in the process of opening an account, banks to report all suspicious transactions
even if the account does not get opened in the to the newly-established Office for Money
end. According to the actual Swiss Law on Laundering.
Banks, only the client can authorize the bank • if Swiss Courts order. They do so in the
to disclose information. However, Article following cases:
273 of the Swiss Criminal Code extends the • the domestic civil and criminal cases,
coverage and turns into a criminal offense the and the involvement of foreigners.
disclosure of information by banks, even if Some offenses may be required to reveal
approved by the client in a special agreement. banking secrecy in order to ensure justice.
In addition, the coverage of the Swiss banking These cases are: trade in illegitimate
secrecy lasts indefinitely, even after closing the funds, various illegal activities, money
account and after the fulfillment of contractual laundering, tax fraud, etc. However,
obligations. Also, all banks’ employees, as well in situations where the information
as those contacted by banks, are required to is required by foreign individuals
keep all client information confident. Just like and institutions, the offense must be
companies, banks need to protect data directly punishable by law in both states for the
linked to their clients, but also just like any information to been disclosed.
other non-banking company, banks needs to • in civil law suits. Bank secrecy can be lifted
ensure confidentiality and safety of operational in cases of divorce or inheritance, but also
and strategic information of clients, which may in debt collection or forced liquidation
70 Bankarstvo 3 2015
i samim tim izbegnu plaćanje poreza na ta oni obezbeđeni sa čak tri nivoa bezbednosti.
sredstva. Razlog koji omogućava ovakve Mogućnost upada u sistem i nelegalnog
aktivnosti je što Švajcarska ne smatra poresku pribavljanja podataka od strane trećih lica
evaziju za krivično delo i stoga za razliku od ovim putem se svela na minimum. Pored
poreske prevare, kada će ona otkriti podatke pomenuta tri nivoa bezbednosti, uvedena su
vezane za klijenta ukoliko postoji izgrađen brojna ograničenja za pristup mreži, kako u
slučaj protiv tog pojedinca, ona to neće učiniti Švajcarskoj tako i u inostranstvu. Na primer,
u slučaju dokazane poreske evazije. Švajcarski jedna od švajcarskih vodećih banaka tvrdi
zakon pravi razliku između poreske prevare da filijale švajcarskih banaka koje se nalaze
(tax fraud) koja se smatra krivičnim delom, u SAD-u nemaju kompjuterski pristup mreži
i poreske evazije (tax evasion) koja se ne za račune privatnog bankarstva koju koristi
smatra krivičnim delom. Ta razlika potiče od sedište švajcarske banke. Međutim, jedna stvar
koncepta gde obveznik sam prijavljuje prihode je ostala nedorečena, tj nejasna. Postavlja se
(self-declaration) i služi da bi se očuvale lične pitanje da li takva izjava znači da zaposleni
slobode. Ovakav zakonski tretman ima čvrste u filijalama švajcarske banke u inostranstvu
korene u švajcarskoj pravnoj tradiciji a potvrđen nemaju potrebne lozinke za pristup sistemu
je i referendumom. Slučajevi kakvi su nenamerne ili se pak ističe neprobojnost same mreže od
greške i propusti (errors and omissions) prilikom strane inostranih banaka. Na kraju, postoji
poreske prijave smatraju se poreskom evazijom, još jedan vid zaštite poverljivosti podataka o
ne smatraju se krivičnim delom, ali su kažnjive pojedinim računima. Naime, švajcarske banke
iznosom do nekoliko puta većim od iznosa koji su uvele posebne sisteme za pretragu na nivou
nije prijavljen. Poreskom prevarom se smatraju svake pojedinačne filijale. To dalje implicira,
situacije kada poreski obveznik namerno koristi da iako se radi o istoj banci, jedna filijala ne
neregularne isprave ili krivotvori podatke na može pokrenuti pretragu o računima koji se
zvaničnim dokumentima, kako bi obmanuo nalaze u drugoj filijali. Takva praksa je u jednoj
poreske organe i samim tim izbegao porez, što situaciji dovela do toga da je švajcarska banka
se smatra kriminalnim činom (Swiss Bankers pogrešno navodila okružnog tužioca Ciriha
Association, 2010, str. 69-70). kada je poricala da se jedan račun obeležen
Organizacija za ekonomsku saradnju i brojem nalazio u datoj banci. Međutim, banka je
razvoj (OECD) je tvrdila da je prisustvo centara izvršila samo pretragu računa koji su se nalazili
sa bankarskom tajnom dovodi do veoma u filijali u Cirihu, ne i u onoj u Luganu (Chaikin,
nezdravih oblika poreske konkurencije koja 2005, str. 102-103).
ograničava sposobnosti zemalja da oporezuju U novije vreme Švajcarska je usvojila mnoge
sopstvene državljane. Argument je da će svaki zakone koji se bave nelegalnim finansijskim
takav potez dovesti do priliva sredstava u ove aktivnostima. Donošenjem ovakvih zakona,
centre i tako ublažiti poresku osnovicu kod proširena je saradnja sa ostalim zemljama.
kuće. Sa postojanjem bankarske tajne, teško je Švajcarsko bankarstvo je u zadnje vreme
čak i dokazati postojanje tih prihoda, a kamoli promenilo status. Švajcarska smatra da praksa
oporezovati ih. bankarske tajnosti ne štiti one koji posluju
nelegalno, jer Švajcarska daje pomoć stranim
Sadašnjost i budućnost Švajcarskog zemljama u rešavanju finansijskih malverzacija.
bankarstva Ovaj zakon se smatra strožijim nego kod drugih
razvijenih zemalja.
U cilju efikasnijeg čuvanja privatnih Postavljaju se pitanja da li je institucija
podataka klijenata, svaka švajcarska banka bankarske tajne postala smetnja u novim
uvela je specifičnu informacionu tehnologiju uslovima za dalji razvoj švajcarskih banaka i da
koji se naziva „Mreža za račune privatnog li će u budućnosti tzv. švajcarsko bankarstvo
bankarstva“ (Personal Banking Account nestati. Da bi odgovorili na ova pitanja treba
Network - PBAN). Pomenuta mreža predstavlja razumeti da je u današnjem međunarodnom
dodatni mehanizam zaštite klijenata, na kojoj bankarstvu relativno veći finansijski kriminal
se nalaze podaci o računima klijenata, ali su (računajući i pranje novca) nego u prošlosti,
Bankarstvo 3 2015 71
proceedings (when a third party claims very unhealthy forms of tax competition,
the client’s deposit). However, in practice limiting the ability of countries to tax their
it is very difficult to eliminate bank own citizens. The argument is that it leads to
secrecy, since it must be proved to the an inflow of funds to these centres and thus
court that the account exists, which is alleviates the tax base in resident countries.
much more complicated in Switzerland. Given the existence of banking secrecy, it is
Bank secrecy in Switzerland is limited difficult to even prove the existence of these
by the special provisions of the private revenues, let alone tax them.
law contained in the Swiss Civil Code, as
well as by a number of obligations under Present situation and the future of
the public law. These exceptions have Swiss banking
not provided any assistance to insider
trading investigation that aspire to avoid In order to achieve a more efficient level
the banking secret. Part of the problem is of keeping the clients’ private information
due to the fact that insider trading is not confidential, all Swiss banks have a private
a crime in Switzerland. banking account network (PBAN) which
• if a bank or firm is facing bankruptcy. provides a secure method of accessing private
The most important argument against bank information. In some Swiss banks there are
banking secrecy and the one that creates a three levels of security in accessing numbered
lot of controversy relates to tax evasion. It accounts through computer password entry. This
is argued that due to the fact that countries is complemented by sophisticated surveillance
like Switzerland do not disclose information and auditing systems which are designed to
relating to their clients, it is possible for the prevent unauthorized access to the computer
population of other countries to invest their of the PBAN. Another protective measure for
funds in the country and thus evade taxes private banking accounts is the imposition
on these funds. The reason that allows this of limitations on computer access to private
kind of activity is that Switzerland does not banking information in both Switzerland and
consider tax evasion a criminal offense and overseas. For example, one of the Switzerland’s
therefore, unlike tax fraud, when it discloses leading banks claims that US branches of Swiss
information related to the client if there is a banks have no computer access to Swiss banks’
case against that individual, it will not do so in headquarters PBAN. It is not clear what this
the event of proven tax evasion. The Swiss legal means, for example, whether it is technologically
system differentiates between tax evasion and impossible to penetrate the PBAN from foreign
tax fraud. This differentiation is based on the countries, or that the relevant passwords etc. are
concept of self-declaration and serves to protect not available to US‐based employees of the Swiss
individuals. Unintentional errors and omissions bank. Finally, Swiss banks insulate the identity
in an individual’s declaration of income and of specific bank accounts by installing different
assets are deemed tax evasion. In Switzerland, search systems in relation to different branches
they do not constitute a criminal act, but are of the same bank. Employees of a Swiss bank at
punishable with a fine which may be several one branch cannot carry out a search of other
times the amount that was not declared. On branches to determine whether a person has a
the other hand, situations in which tax payers Swiss bank account. Financial privacy is further
intentionally use irregular documents or forge cemented by the practice of using different
the data on official documents, in order to numbering systems in relation to bank accounts
deceive tax authorities and thereby evade the located in different branches. This led in one case
tax, are deemed tax fraud and a criminal act to a Swiss bank misleading the District Attorney
subject to criminal proceedings (Swiss Bankers of Zurich by denying that it had a specific
Association, 2010, str. 69-70). account number of a client in circumstances
Organisation for Economic Co-operation where the Swiss bank carried out a search of the
and Development (OECD) has argued that the Zurich branches, but not the Lugano branches of
existence of centres with bank secrecy causes the bank (Chaikin, 2005, pp. 102-103).
72 Bankarstvo 3 2015
1 Švajcarska je pre nekoliko godina vratila 684 miliona dolara bivšeg predsednika Markosa Filipinima i 700 miliona dolara
od fonda generala Sanija Abače Nigeriji, a zajedno sa ostalim državama Peruu je vratila više od 180 miliona dolara bivšeg
vladinog zvaničnika.
Bankarstvo 3 2015 73
In recent years Switzerland has adopted considerable pressure in the past few years,
many laws on illegal financial activities. The both by stricter supranational regulation, and
adoption of these laws extended cooperation of individual national initiatives. However,
with other countries. Swiss banking has lately Switzerland has managed to stop a net outflow
changed its status. Switzerland believes that of funds. But, in 2009, as world markets teetered
the practice of banking secrecy does not protect on the brink of a global financial meltdown,
those who operate illegally, since Switzerland Switzerland found itself enmeshed in an
provides assistance to foreign countries international legal drama revolving about what
in addressing financial fraud. This law is some would cite as the most prominent feature
considered to be stricter than in other developed of Switzerland's political-economic constitution:
economies. There are some questions whether bank secrecy. The dispute pitted United States
the institution of bank secrecy has become a tax law against a well-established and fiercely
nuisance in the new circumstances for further protected tenet of Swiss law. On the one side,
development of Swiss banks and whether Swiss the U.S. Department of Justice demanded Swiss-
banking will disappear in the future. To answer based UBS AG (UBS) release the names of 52,000
these questions it should be understood that in Americans suspected of establishing private
today's international banking financial crime, Swiss bank accounts for the purposes of evading
including money laundering, is relatively more taxes; and on the other, Switzerland sought to
present than in the past, which, combined with uphold its 300-year-old time tested practice of
the still present institute of banking secrecy, guaranteed secrecy for Swiss banking clients
poses a risk to the business. Also, the issue of (Schottenstein, 2010, str. 351).
tax evasion as a motive for foreigners1 to open In comparison with other European
accounts in Swiss banks imposes banking countries, Switzerland applies much lower tax
secrecy as a potential threat and obstacle in rates on income taxation not only to business,
business. The Government of Switzerland but also to individuals. Concerning international
realized this, and recently allowed the information exchange, Switzerland has
possibility for the US authorities to have access hesitated regarding Article 26 of the OECD
to data on the US citizens’ account balance in Model Convention. Therefore, Switzerland
Swiss banks, which excluded US nationals from shares with other countries’ tax authorities only
the protection granted by banking secrecy to all the information necessary for the application
other nations. of the Convention properly, while it retains
To reveal information on a bank client’s the right to withhold information that would
account to law enforcement agencies in a help other countries’ national legislation. The
particular country, it is necessary to formally exceptions are in case of information exchange
address a request to the Swiss judiciary, with the authorities of the United States,
assuming that the account holder’s money Germany and Norway, countries with which
originates from illegal activities, recognized as Switzerland has signed tax treaties. Similar
such in the Swiss legislation. At this moment is the situation with regards to the provision
the issue of property tax of foreigners owning of information in the banking industry: only
property in Switzerland is ongoing. In information strictly listed in the signed tax
Switzerland it is allowed to file a private lawsuit treaties is being exchanged. However, when
against the bank if it reveals confidential it comes to information that is necessary to
information about the customers’ accounts. In provide foreign tax authorities to prevent
addition to criminal penalties, the aggrieved and detect tax evasion and fraud committed
bank’s client can initiate civil action and sue abroad, support is provided by the Act of
the bank in order to compensate the damages. Multiple International Assistance (1981). As
Offshore personal banking was under in the information exchange hesitation to
1 Couple of years ago Switzerland paid back to the Philippines 684 million dollars of the former President Marcos, and $ 700
million to Nigeria of the general Sani Abaca’s fund. Together with other countries, Switzerland paid back to Peru more
than $ 180 million of a former government official.
74 Bankarstvo 3 2015
the OECD Model Convention, Switzerland Development (OECD) and thus joined dozens
also does not consistently follow the OECD of other countries. By signing the Convention
recommendations in terms of non-concluding, Switzerland agreed to exchange information
i.e. cancellation of existing contracts with the tax according to the uniform standards in order
haven countries. In order to exempt revenues to prevent tax evasion. The period until
made abroad from taxes paid to the budget 2018 is granted for the implementation of
of Switzerland, it is necessary to consider aforementioned standards. The first part of
whether it is economically justified, regardless the Convention defines the principles for the
of whether the headquarters of the company are exchange of information. The Convetion states
in the country having high tax rates or is a tax the following (OECD and Council of Europe,
haven. This is why actions against tax evasion 2011, p. 14):
are not based on some specific rules, but on the • Article 4 - General provisions: The Parties
general rules related to the prohibition of abuse shall exchange any information, in
of rights (Stojanović, 2010, str. 273-275). particular as provided in this section, that is
The existence of centers with banking foreseeably relevant for the administration
secrecy causes such forms of tax competition, or enforcement of their domestic laws
which limits the ability of countries to tax their concerning the tax covered by this
own citizens. This would cause inward flows of Convention.
funds to these centers and thus alleviate the tax • Article 5 - Exchange of information on
base in their country of residence. The reason request: At the request of the applicant State,
why existence of banking secrecy could make the requested State shall provide applicant
problems is because some countries with lower State with any information referred to in
taxes (i.e. tax havens) which are willing to share Article 4 which concerns particular person
information about the funds of non-residents, or transaction. If the information available
generate the possibility for the countries of in the tax files of the requested State is not
these non-residents to find a way to tax the sufficient to enable it to comply with the
income earned by their citizens abroad. With request for information, that State shall
the existence of banking secrecy, it is difficult take all relevant measures to provide
even to prove the existence of these revenues, the applicant State with the information
let alone to tax them. On 19th November 2014 requested.
Switzerland signed the Convention of the • Article 6 - Automatic exchange of
Organisation for Economic Cooperation and information: With respect to categories of
76 Bankarstvo 3 2015
cases and in accordance with procedures So far, the Swiss banking secrecy has not died.
which they shall determine by mutual It still exists as a legal obligation incumbent on
agreement, two or more Parties shall Swiss banks. However, in taxation matters, its
automatically exchange the information scope has significantly changed. Swiss banks
referred to in Article 4. or Swiss Tax Authorities will no longer be able
For a long time Switzerland had resisted the to refuse to disclose information on financial
pressure of the European countries. However, assets held by tax payers by referring to banking
abundant criticism has been directed on its secrecy as their excuse. However, in case of no
account. Perhaps the strongest criticism was specific request, no information will be provided
in terms of its facilitating tax evasion and tax to anyone. Disclosure of information can be
fraud by strict application of banking secrecy. refused in case of unsubstantiated requests, but
The attack was led by the United States. Both may be granted in case of group requests. And in
major banks have been accused of facilitating principle, it will be provided in legal proceedings
tax evasion of the US citizens. Credit Suisse and granting due process rights in Switzerland to the
UBS acknowledged their guilt (after months persons concerned (Troyanov, 2014, p. 1). On
of sparring with the U.S. Justice Department, the other hand, banking secrecy will continue to
Credit Suisse, one of the two big Swiss banks, protect banks’ clients from illegitimate demands
pled guilty to conspiring to aid tax evasion and for obtaining information by third parties such
agreed to pay a $2.6 billion fine) (Gumbel, 2014, as journalists, creditors, etc., while its application
str. 1). In order to preserve the reputation as a has for now remained and survived in the same
major financial center, and to provide support cases as it has been before (for example in cases
in the fight against tax evasion, Switzerland of criminal activity, determining inheritance, etc.).
decided to sign the OECD Convention, along
with 50 other countries. This way it committed Conclusion
to provide all the information at the request of
certain countries if they can thus prevent tax The paper has discussed the phenomenon of
evasion. Thereby Switzerland abandoned its Swiss banking. The specific nature of banking
traditional principles concerning the protection in Switzerland was considered, as well as other
of banking secrecy and its assessment system characteristics that led to the establishment of
which implied that the clients are obliged a system that has served the trade rather than
to present to the bank all details about their industry. Over time, it developed into a system
property. With the signing of the Convention, whose generic name is Swiss banking, created
the role of banking secrecy as one of the in Switzerland, and characterized primarily
peculiarities of the Swiss banking has been by personal banking with the use of banking
significantly reduced (there are even extreme secrecy. Significant portion of the paper is
opinions that the signing of the Convention, as devoted to the question whether the institution
well as agreements with the United States, mean of banking secrecy will survive under the
that banking secrecy remained only formally in pressure of the most powerful economies in the
existence, while unofficially it ceased to exist). world, and their hunger for filling their budgets
However, it is important to point out that on following the money trail of their residents/
the territory of Switzerland the same rules are nationals. The pressure has been getting
still applied: residents have the same right to stronger in recent years and it seems to be able
privacy as before, even when determining the to influence the abolishment of bank secrecy,
tax liability. The change occurred only oversees. although for now it still resists and survives.