• Financial

Swiss bank lacks 'privacy'

  • Financial
  • 20 May, 2022 21:03:59

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Swiss bank world famous for banking privacy. This time the Swiss intelligence is getting the power to interfere in that privacy. For the first time, the country's intelligence agencies are being given the power to 'sniff' over the bank's financial transactions. As a result, detectives will be able to verify customer information through intrusion. The Swiss government said on Thursday (May 19th) that the decision was made on charges of terrorism, espionage and financing violent extremism. The cabinet says the Federal Intelligence Service (FIS) currently does not have the power to ask banks and other financial intermediaries for information on individuals or groups seen as security risks. Because Switzerland has the strictest domestic banking privacy laws in the world. The Swiss government said in a statement that the matter was still under process. It will be passed in the form of law. Now the draft has been unveiled. The country has been exposed for public comment. The decision will be taken on the basis of public comments. Comment time runs until 9 September. Reuters says the FIS is being given this power in case of a serious threat to Switzerland's security. In the future, detectives will be able to request transaction information from financial intermediaries. As a result, it will be possible to clarify the financial flow in the country.

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