Switzerland's Article 47: A Threat to Journalism and Democracy

In the heart of Europe, Switzerland, a country renowned for its neutrality and financial prowess, is grappling with a contentious piece of legislation that threatens to undermine its democratic values and global reputation. Article 47 of the Swiss Banking Act, introduced in 2015, criminalizes the disclosure of confidential banking information without any public interest exception. This draconian law poses a significant threat to watchdog journalism, as journalists who publish leaked information regarding money laundering, tax evasion, and other financial crimes face severe penalties, including up to five years in prison and fines of up to 250,000 francs (€270,000).

The law has been a consistent subject of criticism from journalists and media freedom organizations, who have labeled it as a deterrent for public interest journalism. Recent cases of prosecution under Article 47 include Lukas Hässig, editor of the independent financial news site Inside Paradeplatz. On 3 June 2025, Zurich police raided his home and newsroom, seizing computers, phones, and several documents related to Hässig’s 2016 reporting on former Raiffeisen CEO Pierin Vincenz and his adviser Beat Stocker—both of whom were later convicted of fraud and mismanagement. Zurich’s public prosecutor stated that the collection of evidence was linked to ongoing criminal proceedings for suspected breaches of banking secrecy. Hässig’s criminal investigation marks the first time Swiss authorities have opened criminal proceedings against a journalist under Article 47.

The chilling effect of Article 47 is not limited to Hässig’s case. In April 2025, Bank Reyl lodged a criminal complaint under Article 47 against “unknown persons” following the publication of a cross-border project conducted with the Organized Crime and Corruption Reporting Project (OCCRP) and several news outlets. The collaboration, titled “Anti-Money Laundering Gaps at Swiss Bank Reyl,” was based on leaked correspondence between the bank and the Swiss Financial Market Supervisory Authority (FINMA), where the bank was questioned over its weaknesses in respect to high-risk clients and suspicions of money laundering. Investigative journalists who were involved with the publication and disclosure of the leaked information have been advised to avoid traveling to Switzerland to avoid any potential criminal prosecution.

The European Federation of Journalists (EFJ) and the International Federation of Journalists (IFJ) have both called for the Swiss authorities to drop the charges against Hässig and to return the work equipment confiscated from him. They also call for a reform of banking secrecy, so that it complies with European legal standards on freedom of expression and freedom of the press and is up to the standards of a democracy like Switzerland. “Wherever there is a public interest to know information, it must take precedence,” said EFJ General Secretary Ricardo Gutiérrez. “Criminal proceedings against journalist Lukas Hässig have no place in a democratic society. Such actions risk setting a dangerous precedent and could have a chilling effect on journalists investigating financial crimes, which are clearly in the public interest. We call on the Swiss authorities to drop all charges against Hässig and to urgently reform banking secrecy laws to safeguard press freedom and protect journalists’ rights,” added IFJ General Secretary Anthony Bellanger.

The long-term economic consequences of Article 47 on Switzerland's reputation as a global financial hub and its attractiveness to foreign investors are significant. The law's draconian nature and lack of a public interest exception can deter whistleblowers and journalists from exposing financial crimes, potentially allowing such activities to go unchecked. This can undermine the integrity of the financial system and erode public trust, making Switzerland a less attractive destination for foreign investment.

Moreover, the strict enforcement of Article 47 has drawn criticism from international organizations and media freedom advocates. For instance, the UN Special Rapporteur for Freedom of Opinion and Expression, Irene Khan, wrote to Bern voicing concern that there were no explicit exemptions for journalists or whistleblowers, stating that "This paralyses freedom of expression and media freedom, as well as impeding the free flow of information." Such criticism can damage Switzerland's reputation as a transparent and trustworthy financial center, potentially deterring foreign investors who value transparency and ethical standards.

In conclusion, Article 47 poses a significant threat to watchdog journalism and democracy in Switzerland. The law's draconian nature, potential to deter public interest journalism, and the resulting legal and regulatory uncertainty can all contribute to a decline in Switzerland's standing as a transparent and trustworthy financial center. It is imperative that the Swiss authorities reform banking secrecy laws to safeguard press freedom and protect journalists' rights, ensuring that wherever there is a public interest to know information, it must take precedence.