No other aspect of the Swiss banking system is surrounded by so many myths, legends and mistaken ideas as banking secrecy. For some, Swiss banking secrecy is a Swiss trademark, as impregnable as a fortress. For others, it is a dubious, even harmful institution that must be fought politically. Both perceptions collide with reality – the first standpoint is positively exaggerated, while the second is negatively charged. The reality is different.

Banking secrecy forbids Swiss banks providing their parties with information about their clients, although this protection is not absolute. In some ways, banking secrecy is for bankers what the Hippocratic Oath is for doctors. In other words, it is there to protect the client, not the bank. The bank alone cannot lift banking secrecy. However, the client may relieve the bank of its duty of confidentiality and allow or even require it to disclose information covered by the banking secrecy law. Bank employees who violate that duty may be jailed or fined.

In December 2012 the Swiss government finalised its anti-money laundering strategy for the Swiss financial centre. It states in very clear terms that Switzerland pledges to handle only declared financial assets. Moreover, with the proposed anonymous source tax, Switzerland reconciles two legitimate concerns: the right of countries to collect taxes on the one hand, and the rights of citizens to the protection of their personal privacy in financial matters on the other.