A court ruling knocks another hole in Swiss banking secrecy

Too many yodels, not enough whistles

DURING HIS decade-long legal battle with the Swiss authorities, Rudolf Elmer, a bank whistleblower, has endured 48 prosecutorial interrogations, spent six months in solitary confinement and faced 70 court rulings. None, though, has been more important than the decision by Switzerland’s supreme court on October 10th, which set strict limits on the country’s famous bank-secrecy laws.

Mr Elmer had leaked data from Julius Bär after being sacked by the Cayman Islands affiliate of the Zurich-based bank. The court, dismissing an appeal by prosecutors, ruled that because he was employed by the Cayman outfit, not its parent, he was not bound by Swiss secrecy law when he handed data to WikiLeaks in 2008. The 3-2 ruling followed a rare public debate among the judges, held in only 0.3% of supreme-court cases, underlining the national importance of the issue....



via The Economist: Finance and economics Business Feeds

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