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- Varieties: Switzerland
- Fact 5: Bankers are forbidden from divulging information about their clients without the permission of their clients.
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History
In 1713 the Great Council of Geneva prohibited bankers from divulging information on their clients except when it deemed necessary. Swiss banks were used by French noblemen hiding funds during the Revolution. In 1934, the Banking Act was passed to protect account holders from demands by Germany and France that it divulge information about clients in those countries. Any German during the Nazi Era who held money in foreign accounts could be punished by death.After World War II, many Jews were unable to recover their assets due to lost documentation (Christoph Meili, a former bank security guard, revealed that the bank he worked for had burned these documents so they would not have to return the money).
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Nazis and Swiss Banks
- BBC News: Swiss Bank Exploited Nazi Slaves (2000)
- Wikipedia: World Jewish Congress Lawsuit Against Swiss Banks
- Claims Resolution Tribunal: Holocaust- Victim Assets Litigation (Swiss Banks)
- New York Times: "For Betrayal by Swiss Bank and Nazis, $21 Million" (2005)
- Claims Conference: Claims Conference Programs: Swiss Banks Settlement: Refugee Class
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