Switzerland remains one of the most important banking centers in the world. It has a long history and tradition of financial privacy, which can be traced back to the Middle Ages. The Swiss Constitution, the Banking Law, and the Penal Code provide a solid legal foundation for maintaining the strict standards of confidentiality.
As a practical matter, Swiss banks and their employees do not disclose information except by direct judicial order. This practice applies to requests for information by individuals, foreign governments, the Swiss government, and to other banks. An employee who even acknowledges the existence of an account is in violation of the law.