Swiss Bankers Attack Critics

Press, Volume CVIII, Issue 31786, 17 September 1968, Page 18

Swiss Bankers Attack Critics

(N.Z.P.A.-Reuter —Copyright) BASLE (Switzerland), Sept. 16.

Swiss bankers have rounded on critics who allege that foreign taxdodgers and criminals can deposit money in Switzerland under a numbered account that gives complete anonymity.

In its annual report published this week-end, the Swiss Bankers’ Association described such attacks as “illinformed and polemical.” It added that the critics undermined confidence in Switzerland’s banks. “They become dangerous in the long run, for they undermine the confidence one should have in Swiss banks, as well as unleashing attacks against our country and damaging its position in international negotiations,” the 200-page document said. The main target of attack has been the system of banking secrecy of numbered accounts, which provides absolute discretion for the client. This has led to allegations that foreign tax dodgers can deposit money in Switzerland out of reach of their own tax authorities. In addition it is alleged that the system of numbered accounts ensures anonymity even to criminals and political agitators. The association said it was trying to give publicity about Swiss banks and particularly about banking secrecy, which was often misrepresented. It added: “It is extremely important that Swiss bankers, in the interests of our profession show the highest

sense of responsibility and refrain in their business and publicity from any action which could engender criticism abroad of Switzerland as a financial centre.”