Bank Mirabaud tried to prevent Finma publication
Published: Tuesday, Sep 17th 2024, 11:50
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The Geneva-based private bank Mirabaud attempted to prevent the publication of a press release on supervisory proceedings being conducted against it by the Financial Market Authority. The Federal Supreme Court dismissed the bank's appeal in a ruling published on Tuesday.
In July 2023, the Swiss Financial Market Supervisory Authority FINMA informed the bank that it intended to publish a media release on the enforcement proceedings against the financial institution. FINMA had come to the conclusion that the bank had seriously breached its obligations in the fight against money laundering.
Mirabaud appealed against the planned publication. In a ruling published on Tuesday, the Federal Supreme Court dismissed the bank's appeal. It ruled that FINMA was entitled to inform the public about enforcement proceedings.
Strengthening credibility
This leads to the credibility of their activities in the Swiss financial center and is in the public interest in certain cases. It cannot be denied that public information about a supervisory procedure indirectly leads to public denunciation, to so-called "naming and shaming".
By publishing information, FINMA is also making its work visible, which is what the Federal Council wants, writes the Federal Supreme Court. This improves the image of the Swiss financial center. A revision of the law also provides for the Finma to be obliged - and not just entitled - to provide information on all completed enforcement proceedings. (Judgement 2C_682/2023 of 29.8.2024)
©Keystone/SDA
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