Banking secrecy is a moral imperative
The latest attack on Switzerland by the high-tax French and German governments reflects a tragic disrespect for individual rights.
The latest call by French and German finance ministers for Switzerland to be placed on a blacklist of non-transparent tax havens at a conference on "financial transparency" in Paris on 21 October 2008 reflects a tragic misunderstanding of the role of so-called tax havens. It also highlights the despair of ineffective governments confronted with out-of-control spending due to bloated welfare states.
Swiss banking secrecy as well as the distinction between tax evasion and tax fraud are essential features both in the relationship between citizens and government. They also help to safeguard financial privacy and private property as basic human rights.