Nine out of every ten people in Switzerland want banks to keep their client details a secret, says a survey commissioned by Swiss banks, which are renowned for providing the utmost secrecy to customers and their assets.
"Almost all of the Swiss population are of the opinion that financial privacy must be guaranteed, with 91% stating that they want bank clients' financial data to be protected against third parties," found the survey conducted by the Swiss Bankers Association (SBA).
The SBA, the apex body of banks based in Switzerland, which conducted the survey through independent research company MIS Trend SA, said the number of respondents supporting privacy in the annual survey rose from 89% in 2010.
"In other words, it is not just about showing positive sentiment toward the banking sector. This is also reflected in the fact that bank-client confidentiality continues to enjoy the firm support of the Swiss population," SBA said about the survey.
The survey further found that a majority of the Swiss population "is positive about the attractiveness of Switzerland as a financial centre and believes it has a clear competitive advantage over other countries."
"Switzerland is attractive as a location due to its political and economic stability, as well as the courteous client service provided by Swiss banks. Respondents saw the fact that the country has preserved its protection of financial privacy as a further advantage over international competitors," the SBA said.
Swiss banks have been facing heat from various countries, including India, with respect to allegations of providing safe haven to black money and not sharing information in the name of client-confidentiality.
Recently, the Swiss banks asked their government to reject any "mass-requests" for account details and not to sign an automatic information exchange agreement with any country.
Buckling under global pressure, the Swiss government on February 15 announced that it would relax some norms for sharing information on bank accounts of overseas tax offenders.
The move is expected to help India and other countries in unravelling their respective black money trails, as the Swiss authority would accept various identity modes for sharing information, as against only the name and addresses accepted currently.
The Indian government is facing intense pressure from the Opposition, as well as the courts, to act tough against those who have amassed illicit wealth in foreign countries that have strict secrecy rules, such as Switzerland.
A treaty between India and Switzerland, paving the way for authorities here to seek details of illicit wealth stashed away by Indians in Swiss banks, is before the Swiss Parliament.
