Swiss Secrets Are Put to a Vote

Zurich's gnomes campaign to keep money matters private

Although there are several good reasons for opening a Swiss bank account—safety and prestige among them—one of the most important is secrecy. Any bank employee who reveals, even inadvertently, information about a client's account can be fined up to $22,000 or sent to jail for as long as six months. Switzerland's reputation for discretion is one reason it has attracted an estimated $300 billion from depositors all over the world, including Mafia dons and military dictators. This past weekend, however, residents voted on a referendum that would...