Cracking Switzerland's best-kept secret: as solid and secure as the Alps: this was the reputation of Swiss banking secrecy. But even the toughest mountain can crack. Similarly, a banking secrecy law can be overturned. See how U.S. authorities shook the very foundations of Swiss bank UBS, alarmed and galvanised the Swiss government, shattered world-renowned Swiss confidentiality--and brought about the end of an era.

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Cracking Switzerland's best-kept secret: as solid and secure as the Alps: this was the reputation of Swiss banking secrecy. But even the toughest mountain can crack. Similarly, a banking secrecy law can be overturned. See how U.S. authorities shook the very foundations of Swiss bank UBS, alarmed and galvanised the Swiss government, shattered world-renowned Swiss confidentiality--and brought about the end of an era.

Try this stereotype on for size: Every time Hollywood's bad guys want to hide illegal money, they transfer it to numbered Swiss bank accounts.

Both inside and out of the movie theatre, Switzerland has quite a reputation as a safe haven for criminal money. However, the numbered bank account was actually abolished years ago, in 2004. And, criminals shouldn't bet on their money being too safe in Swiss accounts for another reason as well--the country has one of the toughest laws in the world against money laundering.

Until recently however, there was one aspect of Swiss banking that wasn't just an outmoded stereotype: Swiss banking secrecy. Invented 75 years ago to grant financial privacy to any individual, the law ensured ...

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