Complete the text with the correct sentence parts.Switzerland is not only well-known for chocolate and its watch-making industry. It is also famous for
. Banks play an important role in Switzerland’s economy. Swiss banks
to be the most secretive in the world for many centuries. About a third of all money held outside a person’s home country - hundreds of billions of dollars -
.
Banking in Switzerland goes back to the 18th century. In the past , not only rich people but also authoritarian regimes and dictators
in Swiss banks. Foreigners who live in unstable and troubled areas also tend
in secure Swiss banks instead of their own. During World War II German Nazis deposited
, especially money and gold taken away from Jews , in Switzerland.
Switzerland has two large banks - UBS and Credit Suisse. Private banking also has a century-long tradition in the alpine country. Currently, about 130000 people work in the banking sector. Major banks
that employ thousands.
Switzerland’s popularity
has many reasons. For one, the country has a very stable and prosperous economy, and one of the highest per capita incomes in the world. It has been neutral for many centuries, especially during the two world wars. In addition, the Swiss franc is
currencies in the world.
Swiss banks have
very strict privacy rules. In 1934, a law was passed that forbade Swiss banks to reveal the name of account holders. Banks protect the privacy of their clients in a way
in the world does. If a Swiss banker reveals anything about a person’s bank account without permission he commits a criminal act. Such regulations have made Switzerland a popular destination for foreigners
in their own country.
Lately, however, the Swiss government has been under constant pressure by other countries
, making it possible to reveal the names of possible drug dealers or international criminals. EU officials claim that more and more citizens are moving their money to Switzerland to escape taxation in their home country. Income that
to the government is often deposited in Swiss banks.
In the past decade Swiss bank officials have been working together with international financial experts to combat money laundering. Under new laws they must report any financial transactions that look suspicious.
UBS - The largest bank in Switzerland
User:Parpan05, CC BY-SA 3.0, via Wikimedia Commons