The individuals, including Stuttgart lawyer Eckart Seith and two former employees of Bank J. Safra Sarasin, were originally convicted in 2019 for breaching confidentiality laws. While the Zurich High Court later dismissed the case, citing prosecutorial bias and excessive delays, the Federal Supreme Court found these grounds insufficient to halt proceedings. The case now returns to the lower court for a fresh determination.
At the heart of the dispute lies the tension between Swiss criminal law and European efforts to combat financial crime. Swiss statutes strictly prohibit the disclosure of client information, offering no legal shield for whistleblowers who expose wrongdoing. Conversely, the cum-ex scheme—a complex system of rapid stock trades designed to illicitly reclaim dividends—cost German taxpayers an estimated €12 billion. Seith, who provided the crucial documents to German authorities, has maintained that the investigation of such crimes should remain protected under the European legal order, challenging Switzerland’s rigid stance on banking secrecy.
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