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Article: Between a rock and a hard place: the legal and moral juxtaposition of Switzerland's bank secrecy laws as illustrated by the revelation of Nazi-era accounts.
- Article from:
- Houston Journal of International Law
- Article date:
- September 22, 1998
- Author:
CopyrightCOPYRIGHT 1998 Houston Journal of International Law. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I. INTRODUCTION
Switzerland's image of neutrality during World War II, a country surrounded by warring nations and yet heroically maintaining its own peaceful neutrality,(1) has served the Swiss well. Switzerland's official position of neutrality as well as its renowned tradition for absolute secrecy in banking have allowed this tiny nation to grow from obscurity to international prominence as the worldwide banking center.(2) In fact, for the past fifty years the Swiss citizens have "boasted to their neighbors about their enviable wealth," but it is now apparent that they were "profiting from blood money."(3) Discoveries of long dormant Nazi-era accounts have ...