A Swiss parliamentary committee on Friday (May 6) rejected requests to revise the rules relating to banking secrecy, questioned following revelations in February of a press investigation into the accounts of Credit Suisse.
After hearing arguments from the banking industry and financial crime and media rights experts, committee members rejected calls to change the law, a statement from parliament said. “The majority of the committee did not consider it necessary to intervene at the legislative level”she clarified.
The Economic and Fiscal Affairs Committee of the Swiss Parliament had been invited to examine requests for revision of the legislation after the publication in February of the vast “Swiss Secrets” investigation. Conducted by dozens of media organizations around the world, including Le Monde, the investigation revealed that Credit Suisse, the second largest bank in the country, had for several decades hosted funds from sulphurous clients. Credit Suisse has categorically rejected the “allegations and insinuations” of the investigation.
Article 47 at the heart of the debates
The investigation also shed light on Article 47 of Swiss banking law, which makes revealing bank data leaks an offense punishable by five years in prison. Experts say the 2015 law silences journalists who might want to report wrongdoing at a Swiss bank. Thus, if 48 newspaper companies from all over the world took part in the survey of “Switzerland Secrets”no Swiss media took part because of the risk of criminal prosecution.
The Economic and Fiscal Affairs Committee of the Swiss Parliament highlighted the progress made by Swiss banks in recent years in the fight against money laundering and other economic crimes. Today, “they comply with international standards”says the statement.
She also warned that changing the law could lead to “public accusations against individuals”, without giving further details. And the members of the commission pointed out that“no journalist had so far been sentenced for violating Law 47”.
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