Swiss perspectives in 10 languages

Swiss plan to let spy agency snoop on security risk financial flows

Paradeplatz
Paradeplatz in Zurich, the heart of Switzerland's banking sector © Keystone / Walter Bieri

The Swiss government has proposed letting its spy agency penetrate the country’s famous banking secrecy to snoop on financial transactions that it suspects are funding terrorism, espionage or violent extremism.

Unveiling a draft amendment of the intelligence law for public comment, the cabinet on Thursday pointed out that the Federal Intelligence Service (FIS) at present has no power to ask banks and other financial intermediaries for information on people or groups seen as security risks. Switzerland has some of the strictest domestic banking confidentiality laws in the world.

“In the event of serious threats to Switzerland’s security, the FIS will in future be able to clarify financial flows by requesting information on transactions from financial intermediaries,” a government statement said.

This could cover businesses, non-profit organisations or religious institutions suspected of helping to finance terrorist, intelligence or violent extremist activities.

The Federal Administrative Court and the defence minister would have to authorise such requests after consultations with the justice and foreign ministers.

The consultation period runs until September 9.

Most Read
Swiss Abroad

Most Discussed

News

Federal administration affected by hacker attack

More

Swiss federal administration hit by hacker attack

This content was published on Hackers have attacked the Swiss federal administration. Among other things, telephones, email and various federal websites and specialist applications were affected.

Read more: Swiss federal administration hit by hacker attack
More and more Swiss personalities and institutions are leaving X

More

More and more Swiss celebrities and institutions leaving X

This content was published on The short messaging service X has also lost its reputation in Switzerland. More and more personalities and institutions are turning their backs on tech billionaire Elon Musk's platform.

Read more: More and more Swiss celebrities and institutions leaving X

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here . Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR