Switzerland couldn’t protect banking secrecy, can it protect privacy?
Knowledge Base > FAQ's > Switzerland couldn’t protect banking secrecy, can it protect privacy?
By Jeroen van Meeuwen on September 16, 2017

Both banking secrecy and privacy protection are based on the same draconian laws. The federal government in the United States of America has successfully broken Swiss banking secrecy for its own citizens, by requiring Swiss banks to have their customers provide information and sign off on its truthfulness, either testifying to the fact the customer is not a US citizen, or “voluntarily” wave banking secrecy, implicitly agreeing to allow Swiss banks to share information with the US federal government.

Banking secrecy is still in place for everyone else; everyone not a US citizen still enjoys the benefits.

Swiss banks have collectively decided to drop their US customers rather than comply with the burdensome regulatory procedures [read more]. Unlike most other countries, the United States of America elects to tax all income from all its citizens, regardless of residency, domicile or where the money was earned. This makes US citizens all over the world suffer, and it is not more or less applicable to Swiss banking secrecy then it is to any other country’s regulatory regime.

Swiss privacy protections are still in place, and for as far as your data with Kolab Now is concerned, are still subject to the Swiss Legal Framework for Kolab Now.

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