> ...decided that they don’t want to bear the moral cost of it anymore.

And of course the external pressure to loosen banking secrecy laws has been huge, particularly from the US e.g. https://en.wikipedia.org/wiki/UBS_tax_evasion_controversies

▲

embedding-shape 2 hours ago | parent [-]

But ultimately the Swiss decides what Switzerland does, and the population deciding they didn't want that, was the deciding factor. Been pressure on Switzerland about that for a long time, from many countries, and in fact still there is, as many still think they're not doing enough. Not everything in the world happens because of the US :)

	▲	rich_sasha 37 minutes ago \| parent \| next [-]
		The US department requests that all foreign financial institutions share all their US clients details. Wanna refuse? No problem. Of course you can. You're outside the US jurisdiction. But every USD transaction you do is subject to, IIRC, 30% tax. Unless the US decides to block it altogether.
	▲	throwwwll 42 minutes ago \| parent \| prev [-]
		You are naiive and/or stupid. And/or gaslighting. Most likely the latter since you have to sugarcoat your message with trailing emoji. UBS tried to hold for as long as they could, and the choice the US given them is "pay a fine (accrues daily) or be cut from world financial system run by dollar". UBS ultimately paid a 780 million fine. The rest of Swiss banks followed suit immediately. Many things in the world happen, and most of the dumb bullshit that happens is imposed by US. This naiivete has to stop, the times have changed, and you, you spefically are part of the problem.