Swiss bank secrecy began as protection for Jewish assets

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The world's most famous tax evasion tool actually started as a human rights initiative. The 1934 Swiss Banking Act made it a criminal offense for banks to reveal client identities, a law specifically championed to help German Jews hide their assets from confiscation by the rising Nazi government.

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Swiss bank secrecy began as protection for Jewish assets — STACKY / Economy

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Swiss bank secrecy began as protection for Jewish assets

A bigger world.One discoveryat a time.

Keep exploring

When Greek temples doubled as banks

Bank of America, the massive financial institution that practically runs the modern United States economy, was originally founded in San Francisco in 1904 by a man named Amadeo Giannini under the name Bank of Italy.

Why banks once closed to stop a panic

Ancient Egyptians used grain receipts like money

Why the Bank of England still uses giant keys

Which dark historical transition is directly responsible for the modern American tipping culture?

A bigger world.
One discovery
at a time.