Proposed Exception to Bank Secrecy for Media

Proposed Exception to Bank Secrecy for Media

**Swiss Government Moves to Create Exception to Bank Secrecy for Media**

The Swiss government has recently proposed to make an exception in regards to the country’s bank secrecy and provide access for journalists working for media outlets to previously unavailable information.

This proposal, if successful, will give investigative journalists the possibility to scrutinise and analyse a wide range of topics such as the financing of political parties and figures, based on the acquisition and study of financial transactions.

Swiss authorities are allocating over 2 million Swiss Francs to implement more effective systems that are transparent and reliable. This funding will be used to create a system that will restrict access to confidential information while ensuring appropriates safeguards and respect of personal data privacy.

The measure has been welcomed by many local journalists, given the potential impact these new methods will have on investigative reporting in the country. It is expected that the first effects of this reform will be witnessed in 2021.

In the meantime, opposition to the reform has also emerged with fear that the new measures could jeopardise individuals’ right to financial confidentiality and make them vulnerable to potential scams and other fraud activities.

The government has promised to address these concerns informing the public on the conditions of the reform and providing a clear set of rules for journalists when accessing sensitive information.

This debate over bank secrecy is sure to continue to play out in the coming months as the government works to make changes that are beneficial to all involved.

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