The present thesis aims to explain that Swiss banks have eamed a reputation around the world for providingsophisticated and discreet banking services. The Two Big Banks, namely Credit Suisse and UBS, haveextensive branch networks both throughout Switzerland and in many international financial centers. Banksare licensed by the Swiss Federal Government through its Banking Commission, and may operatethroughout the country. Banks in most countries are prohibited from divulging information about theirclients. Swiss law is especially strict on any breach of confidentiality, whether in banking or in othercommerce. The banking act adds a special section, with the possibility of an individual going to jail, for thebank or its employee by divulging any confidential information. In the course of this Master thesis, I willexplain that since 2009, UBS revealed names and account details for more than 4,000 wealthy Americanssuspected of tax evasion. After this event, a debate was started about the efficiency of Swiss bank secrecyand its existence. Throughout my thesis, I will debate about this actual question whether Swiss banksecrecy will survive or not since the divulgation of the Americans clients and what are the consequences ifSwiss bank secrecy disappears. In addition, I will compare the bank secrecy with the trust, which is afinancial tool created by the USA and the UK. It is stronger and difficult to destroy compared to the banksecrecy. It is a very effective device that ensures confidentiality in some jurisdictions.
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