As Birkenfeld reports to jail, Swiss court toughens bank secrecy

On the same day that UBS tax whistleblower Bradley Birkenfeld had to report to federal prison, a Swiss court issued an order saying that FINMA, a Swiss regulatory agency, erred in ordering UBS to turn over information about 300 clients. The court concluded, according to Reuters, that FINMA’s unilateral action weakened Switzerland’s strict bank secrecy rules. The report notes that the investigations into Switzerland’s biggest bank had prompted clients to withdraw huge sums.