Oct 102018

Hugo Miller reports:

A former Julius Baer banker who leaked documents from a Cayman Islands subsidiary was cleared of breaking Swiss banking secrecy by Switzerland’s top court, creating possible problems for how the Alpine nation’s banks manage their foreign units.

The Supreme Court voted 3-2 to reject the arguments of Zurich prosecutors who had appealed the acquittal of Rudolf Elmer in 2016. Breaking bank secrecy is considered a criminal matter in Switzerland, but the court ruled that the Cayman unit Elmer ran shouldn’t be considered a Swiss bank.

Read more from Bloomberg on swissinfo.ch.

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