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Why not?

Given a fact just today a news came out that CH bank been caught hiding billions in assets from IRS, I think you have your answer.

they're known for trustworthy and extremely private banking, for one

Yeah like hiding assets owned by dictators and criminals. A country with an economy mainly focused on that is not particularly trustworthy.

But it's democratic [0], specifically a direct one: "tradition of direct democracy".

0 - https://en.m.wikipedia.org/wiki/Politics_of_Switzerland

That’s bad - it means the country’s citizens have no issues with their banks storing criminal money. Also switzerland is that kind of european country that doesnt mind showing up posters of immigrants as crows. Pretty lame for a “democracy”.

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