Why did the tradition of "customer confidentiality" inherited by the Swiss banking industry collapse?

Swiss banks' tradition of keeping secrets for customers is also a double-edged sword, both good and bad. It is a measure for everyone that Swiss banks keep customer information confidential, and the assets of those who commit heinous crimes will also be protected by Swiss banks. This provides a safe place for criminals to hide money and does not need to be exposed at all. Originally, secrecy was for everyone's good, but it did more harm than good. It became a tax haven. Faced with various pressures, Swiss banks have to give up the tradition of keeping secrets for customers.

This tradition of respecting privacy and honesty can also be regarded as a hidden crime, which makes Swiss banks keep secrets for depositors "regardless of good or bad" and becomes one of the factors criticized by the world. Historically, Swiss banks were notorious for keeping property and secrets for German Nazis, tax evaders or corrupt heads of state. Switzerland is a global offshore financial center and a "tax haven" for foreigners. Switzerland guarantees the absolute confidentiality of depositors' information with unlimited employee responsibility system and severe punishment for leakers, but it also keeps money for some corrupt elements from all over the world.

In fact, the seemingly unbreakable Swiss bank secrecy system has appeared cracks. Since "9. 1 1", Switzerland has provided a lot of customer information to the US government in order to cooperate with the US investigation of terrorist financial networks. As a tax haven for overseas funds, Swiss banks have become an important target for the United States to strengthen overseas tax collection and management in recent years, and it is also the country where the United States takes the most practical punishment measures against overseas financial institutions.

At present, no one knows how much money is sleeping in a "tax haven". Some people estimate that it is between 1.7 trillion and1.5 trillion dollars. If the overseas account tax law is properly implemented, the release of this fund will be very helpful to revitalize the global financial market, especially the US financial market.