Ancient Principles and Laws Modern banking first appeared in Venice 16, the European financial center. At the beginning, this industry only served the rich, so Swiss private banks served the rich, which is actually a 300-year-old business. At that time, the European banking industry generally followed a principle that customer information should not be leaked under any circumstances. This principle has always been regarded as the norm by private banks. After all, customers choose expensive private banks only to hide the details of their wealth.

1934, the Swiss government passed the Swiss bank secrecy law, which is the principle of private banks, and customer information should not be disclosed under any circumstances.

The rise of World War II also has its unique historical background. With the coming to power of the German Nazi Party in 1933, the whole Europe set off a climax of persecuting Jews, while the European continent was shrouded in the cloud of war.

Switzerland, a permanent neutral country, became a safe island in turbulent Europe before World War II. Therefore, after the promulgation of the Swiss Bank Secrecy Law, wealthy Jewish businessmen and wealthy Europeans deposited their gold, cash, antiques and jewelry in private banks in Switzerland in order to keep their wealth. This has enabled the humble Swiss bank to achieve a rocket-like development, making the name of Swiss bank resound around the world and let the rich people all over the world know.

In World War II, Swiss banks played an ignominious role as Nazi economic accomplices. Even before 1945 the Nazi regime was about to collapse, it still issued bonds through Swiss banks to raise funds from the outside world. The biggest buyers of these Nazi bonds are speculators on Wall Street in the United States. The sale of bonds for the Nazis established a close relationship between Swiss banks and Wall Street, and laid the foundation for the development of Swiss banks in the United States after the war.

In World War II, Swiss banks seized a lot of war bonuses. Thanks to the protection of Britain and America, these bloody profits of Swiss banks were preserved after the war. For example, during World War II, the Nazis deposited about 500 million US dollars (1.945 US dollars) of gold in Swiss banks, while after the war, Swiss banks only spit out 60 million US dollars.

The reason for the expansion of Swiss banks after the war lies in the materialistic society. Whoever has abundant capital can make rules.

After the war, wealthy Swiss banks expanded their business to the whole world, and helped the rich evade taxes as their main livelihood. Swiss banking countries with huge wealth hire the best lobbying groups to open the joints of governments for them, so that they can openly help the rich evade taxes.

The Swiss government is also using the Swiss bank secrecy law as a shield to acquiesce in Swiss banks' efforts to help the rich evade taxes and prevent any cross-border tax recovery in other countries. Swiss banks have concentrated global private wealth in Swiss vaults, which has made the Swiss economy enjoy many dividends.

Rich people all over the world saw the sky-high price of Swiss banks, and the Swiss government provided protection, so they deposited their wealth in the vault of Swiss banks. Rich Americans, in particular, put their property in Swiss banks the most. Statistics show that half of the new customer services of Swiss banks after the war came from the United States. Becoming the first choice of tax avoidance for the wealthy Americans as a superpower has made the Swiss banking industry develop rapidly after the war and become a well-known paradise for the rich to hide gold.

Today, according to informed sources, one-third of the world's private wealth has been hidden in the vault of Swiss banks!

The umbrella of Swiss banks is weakening, which naturally angered other countries, and the Swiss banking industry has been condemned and sanctioned by many countries around the world. However, the huge interests make the Swiss government use the Swiss bank secrecy law as an excuse to try its best to safeguard the Swiss banking industry.

It was not until 20 18 that the Swiss government, which could no longer bear the pressure, joined the regulation of automatic exchange of financial account information and agreed to exchange information with the tax authorities of the country where the account holder is located to supervise the legality of cross-border tax sources. So it is rumored that the Swiss bank secrecy law was abolished on 20 18. But in fact, the Swiss bank secrecy law still exists, but the Swiss government no longer dares to completely cover the Swiss banking industry as before.

For a long time in the foreseeable future, private banks in Switzerland will remain a paradise for the rich.