Banking secrecy will not go to nationwide vote

The head of the Lega, Giuliano Bignasca, has had no success with the initiative Keystone

The Swiss will not be voting on a proposal to anchor banking secrecy in Switzerland’s constitution.

This content was published on October 12, 2010 and agencies

The federal authorities said the rightwing Lega dei Ticinesi party failed to hand in the required number of signatures – at least 100,000 - by the deadline of October 1.

Earlier this year, supporters of the people’s initiative said they had managed to collect just over a half of the signatures necessary to force a nationwide on the issue.

They had hoped for support, in particular, from the rightwing Swiss People’s Party but this was not forthcoming.

Instead the People’s Party had tried to anchor banking secrecy in the constitution by means of a parliamentary initiative.

The Lega’s initiative, Defend Switzerland! Banking Secrecy must be put into the Constitution, demanded that everyone having business relations with a bank in Switzerland should have the right to confidentiality.

It further called for approval from bank clients before information was passed to authorities abroad.

Switzerland’s banking secrecy, which the banks prefer to call bank client confidentiality, has been watered down over the past two years as a result of pressure from the G-20 finance ministers, the Organisation for Economic Co-operation and Development, and United States tax authorities.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.