Switzerland government’s apex executive body, the Federal Council has pitched for better protection of bank client data and severe penalties for those violating the banking secrecy.
The Council in a statement said it supports a parliamentary initiative seeking severe punishment for those selling bank client data or benefitting from such activities.
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The council also extended it supports to the proposals made by the Economic Affairs and Taxation Committee of the National Council ( EATC-N) in this regard.
The council said the Parliamentary committee in its report "considers it unsatisfactory that people who pass on client data stolen from a financial institution or use it for their own benefit are not liable to prosecution.
"It thus recommends closing the existing loophole in the entire financial market sector. It should also now be possible to impose more severe penalties on whoever procures economic benefit from violating banking secrecy or the other professional confidentialities in the financial market sector."
The Federal Council is the highest decision making body of the Swiss government. This seven-member executive council constitutes the federal government of Switzerland and serves as the Swiss collective head of state, while each Councillor heads one of the seven federal executive departments.
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