us

216.73.216.2

Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower

n-img-swiss

The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse Secrets Whistleblower.

Switzerland is known for its enforcement of strict banking laws. Article 47 of the country’s Banking Act states that anyone who “discloses information about bank customers to other people” will be charged and can be imprisoned for up to three years. 

This law also applies to Journalists who expose criminal behaviours and other wrongdoings such as money laundering and tax evasion,  to the public interest. Essentially, the country is considered a safe haven for illegal finances, where they are safe without any chances of discovery. 

The country’s parliament ultimately decided not to reform its banking privacy laws, though the disclosures of Suisse Secrets attracted the EU, World Bank and even Switzerland’s own political parties. 

The OAG (Office of the Attorney General of Switzerland), confirmed the media reports that it received a “criminal complaint” in the so-called “Suisse Secrets” case. 

“In this connection, the OAG is conducting criminal proceedings on suspicion of economic intelligence, violation of business secrecy and banking secrecy,” it said in an email to AFP.

The prosecutors will now strive to pinpoint the individual behind the leak, exposing roughly 18,000 Credit Suisse accounts and 30,000 account holders, dating back as far as the 1940s. If found, the whistleblower may face prosecution for economic spying.

Switzerland considers economic espionage a political offence, and the MPC (Federal Prosecutors Office) pointed to the authorisation from the Federal Council and FDJP (Federal Department of Justice and Police) to proceed. 

Credit Suisse denied all the allegations of transgressions following the investigation’s release. Still, some people in the Swiss political area point to Article 47 as a gateway for the country’s financial institutions to get away.

The individual behind the leaks reached out to Süddeutsche Zeitung, one of Germany’s largest newspapers, in which they criticised banking secrecy as “immoral” and how it deprives “developing countries of much-needed tax revenues.”

They similarly addressed Switzerland’s citizens, mentioning, “the responsibility for this situation does not lie with the banks but rather with the Swiss legal system..Simply put, Swiss lawmakers are responsible for enabling financial crimes and—by virtue of their direct democracy—the Swiss people have the power to do something about it.”

Suggested Read:

CREDIT SUISSE HELD ACCOUNTABLE FOR MONEY LAUNDERING IN SWISS COCAINE CASH CASE

Related Posts

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started