Technology has driven major changes on a global scale that have affected multiple aspects of everyone's lives. It has shrunk our realities by bringing global markets closer together and interconnecting businesses and people. The benefits of this innovation can be measured by thinking about increasing a company's productivity, reducing costs, and making it easier to communicate with anyone, anywhere in the world. However, apart from the great advantages, several problems have also arisen. In fact, technology has implemented dramatic changes too quickly, leaving society no time to adapt. Such a dramatic development pitted distinct cultural and legal systems against each other, highlighting their divergences. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayThe secrecy of Swiss banks has been on the discussion table for several years now; however, few people know what it actually is and what its most recent developments are. Banks, like any other financial entity, aim to make a profit by offering a product. In addition to the usual banking tasks and transactions, Swiss economic institutions have chosen to place reliability and security at the heart of their corporate belief. A federal law, more commonly known as banking secrecy, was therefore approved to help create a relationship of trust between the two parties. Today, banking secrecy has been part of Switzerland since 1934, when, during the Second World War, special measures were taken to protect foreign bank accounts and assets. These exclusive agreements guaranteed the confidentiality of all activities between the bank and its clients, making Switzerland one of the most renowned countries. main economic refuge in the world. In fact, this privacy protection service has attracted an indefinite number of tax evaders from all over the world. Regardless, it has only been a decade since the frauds committed were exposed, offenders began to be held legally accountable for their actions, and banking secrecy began to be seen as controversial. Between these lawbreakers, there are three main Swiss financial institutions. , UBS AG, Credit Suisse AG and Julius Baer AG, all of whom were convicted by the U.S. Department of Justice of helping Americans evade taxes and file false tax returns. The three banks were respectively charged with penalties of $780 million in 2009, $2.6 billion in 2014, and $547 million in 2016. Many other Swiss banks have been charged and pleaded guilty over the course of the investigation. On the other hand, we have rich people who wanted to enjoy the benefits of the society they live in without paying taxes. The answer to why banks and the rich have committed illegal actions such as tax evasion or tax evasion can easily be traced back to money and greed. However, it is necessary to provide clarification between two concepts which are similar but which are not in the eyes of Swiss law. In fact, tax fraud is when an individual deliberately creates false documents to hide their taxable income and is subject to prison time. Instead, tax evasion occurs when a person does not fully declare their own income when filing their tax return and is subject to a fine. This small detail does not cancel out the fact that Swiss bankers were aware of helping people who.