International Competition
See also: Offshore bankWith recent changes in the Swiss bank secrecy regime the assets held by foreign persons in Swiss bank accounts declined according to data by the Swiss National Bank (SNB) by 28.1% between January 2008 and November 2009. Other states, such as Singapore, have attracted depositors seeking privacy and protection. Having taken steps to make its banks more attractive, Singapore strengthened penalties for violators of bank secrecy (and now imposes steeper fines and longer jail sentences for offenders), and modified its laws on trusts and inheritance. Singapore is also now the location of Credit Suisse's international banking headquarters.
Read more about this topic: Banking In Switzerland
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“The praise of ancient authors proceeds not from the reverence of the dead, but from the competition and mutual envy of the living.”
—Thomas Hobbes (1588–1679)