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Swiss Banking News 2008

In the beginning of the year, Swiss Federal Banking Commission (SFBC) published amendments to the SFBC Money Laundering Ordinance.

Credit Suisse and UBS AG announced significant write-downs in the fourth quarter of 2007. UBS issued Shareholder report, where named facts on its positions and losses in the U.S. market in 2007. Later on, UBS shut down all private banking accounts held by the U.S. residents, and announced its plans to separate its investment and wealth management divisions.

The Finance Minister of Switzerland commented on huge losses of UBS, and said in parliament that Switzerland's banking secrecy laws are not subject to debates.

In autumn 2008, the Federal Council, the Swiss National Bank and the Swiss Federal Banking Commission discussed new measures for strengthening Swiss banks' liquidity.