Swiss Financial Intermediaries Win in Client Disclosure Battle with US

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The Swiss Federal Supreme Court has held in Decision 6B_804/2018 in a case whereby the chairman of an asset management company in Switzerland acted unlawfully in releasing client information to the US authorities, even though he was acting under the terms of a non-prosecution agreement with the US Department of Justice.

The courts found that the individual concerned should have requested approval under Article 271 of the Swiss Criminal Code prior to the disclosure; even though the US Department of Justice

itself had declined to apply for the information through administrative or judicial assistance. The ruling follows the ongoing client disclosure battle between the US and Switzerland.