It Just Got More Risky to Violate Swiss Bank Secrecy

Wall Street Journal:The penalties for whistleblowers and others breaking Switzerland’s fabled bank secrecy laws just got more severe.

Rudolf Elmer, a former Julius Baer employee who was convicted in Zurich of violating bank secrecy laws last January, after providing some of the bank’s client data to WikiLeaks, bemoaned the “draconian” new penalties in a statement. He also noted that Switzerland lacks a law protecting whistleblowers.

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