How Swiss banking secrecy enabled an unequal global financial system | Switzerland

French kings found the ideal refuge for their wealth: a city-state nestled between the snow-capped Alps and the pristine waters of Lake Geneva. Catholic royalty flocked to Geneva in the 18th century in an effort to conceal their dealings with Protestant bankers.

By 1713, the authorities in Geneva, who would gain a reputation for discretion, introduced rules banning bankers from revealing…

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