What is Swiss bank account and y do rich people store thier money there ??..i mean y not somewhere else?

Question

what do swiss bank offer??..that all rick people ..and presidents store thier money there!!...

Answer 1

Banking in Switzerland is characterized by stability, privacy and protection of clients' assets and information. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law. All banks in Switzerland are regulated by the Federal Banking Commission (FBC), which derives its authority from a series of federal statutes.

Switzerland is an economically advanced and prosperous nation, with a gross domestic product (GDP) larger than that of some larger western European nations. In addition, the value of the Swiss franc (CHF) has been relatively stable compared to that of other currencies. [2] In 2003, the financial sector comprised an estimated 14% of Switzerland's GDP and employed approximately 180,000 people (110,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce.

Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Even though it is near Europe's geographical center, Switzerland maintained neutrality through both World Wars; is not a member of the European Union or the European Economic Area; and was not even a member of the United Nations until 2002.

As of 2003, an estimated one-third of all funds held outside their country of origin (sometimes called "offshore" funds) are kept in Switzerland. However, this number fell significantly in 2002; the total amount of private money managed by Swiss banks was $2.2 trillion, which is $400 billion less than a year earlier. This has been attributed to both a bear market and possibly to stricter regulations on Swiss banking.

The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.

Foreign banks operating in Switzerland manage 870 billion Swiss francs worth of assets (as of May 2006.).

The Federal Banking Commission, an independent agency of the Swiss government within the Federal Department of Finance, supervises most banking-related activities as well as securities markets and investment funds. Regulatory authority is derived from several statutes.

The office of the Swiss Banking Ombudsman, founded in 1993, is sponsored by the Swiss Banking Ombudsman Foundation, which was established by the Swiss Bankers Association. The ombudsman's services, which are offered free of charge, include mediation and assistance to persons searching for dormant assets. The ombudsman handles about 1,500 complaints raised against banks yearly.

Banking law of 1934
The Swiss Parliament passed the Banking Law of 1934, which codified the rules of secrecy and criminalizes violation of it. The secrecy provisions were not included in the first draft of the law, which mainly concerned administrative matters such as bank supervision. The provisions, found in Article 47(b), were added before passage of the bill due to Nazi authorities' attempts to investigate the assets of Jews and "enemies of the state" held in Switzerland.


A new banking law entered into force on 1 January 1995. The law permits foreign banks to open subsidiaries, branches, or representative offices in Switzerland without approval by the FBC. This opportunity is based upon reciprocity, and requires a prior agreement between Switzerland and foreign governments. The new law also requires banks to announce any acquisition or sale of its shares by a major shareholder (minimum 10% of capital or voting rights) to the FBC (shareholders engaging in such activity must notify the bank). The bank can also hold major shareholders of a bank liable for improper conduct. To enforce compliance with these shareholder requirements, the FBC is authorized to block their voting rights if they fail to comply. In addition, the FBC can now provide information to foreign law enforcement authorities in cases covered by mutual legal assistance agreements.

Answer 2

The way it works is swiss accounts are only identified by number. And only a very few people can match the number with a name. And the Swiss bankers have a strong ethical tradition not to reveal that number and the identity of the person. And further Swiss law protects them from being compelled to give that idenitifying information.

Thus it is a perfect place for people such as an evil dictator to stash cash in the event that he is some day toppled out of power and needs some dough. It is, of course, useful for others engaged in more mundane criminal or ethically challenged behavior.

Answer 3

Switzerland is a neutral country, meaning they do not fight in wars. Keeping money on neutral is supposedly safer.
I do not agree with it because they allow anyone to get an account. People who are Terrorists, Bankers, Waitresses, Bank Robbers, You, Me, anyone!

This is the problem that I see with Swiss banks.

Answer 4

I've been wondering the same thing. It's a soap so they can do whatever they want to fool us whenever they want, but those hands were too young to be Jill's. It could be Samantha, which would make this SL a lot more interesting. It could also be someone we have never heard of yet. Also, Jill won't be returning until fall and Collin will be returning for a short visit this summer.

Answer 5

It is not so much as rich people it's criminals as well. They store money in off shore accounts because 1. They are numbered accounts and it use to be impossible for the government to track whose money it was. Now the government countered with a tracking program supposedly for terrorist, but when has that stopped the government from abusing their powers.
2. It is easier to prticipate in price fixing on the stock exchange. All you have to do to inflate your stock is start buying in large volumes with multiple accounts, people will see the stock rising and start buying that is when you sell it to them at the higher price. Ad since you used multiple accounts with no names the SEC doesn't know who bought the stocks. And you don't have to get permission to sell large volumes of stocks on the exchange.

Answer 6

High interest rates, the Swiss don't hand out your info even to national gov'ts, High security, and the bank is in a mountainous nation that Hitler didn't even want to try and invade

http://groups.yahoo.com/group/americanleftparty/

Answer 7

First of all it is a country where the Government is stable and it is a trusted nation comparing to rest of Nations.
The money & Gold saved with their bank are kept secret ,not dicolsed to any one .
whenever you need them back you can collect it back , it is the best trusted nations with less crime rate.

Answer 8

Switzerland is neutral nation that does not go to war + they keep your information secrets and even FBI can not ask for it.

Answer 9

Tax reasons. They do not want to pay tax. Also, it is a good place to hide assets you do not want anyone to know about. A good place for criminals to hide stuff.