Swiss prosecutors in Geneva have declined to open a criminal investigation into claims that the Organized Crime and Corruption Reporting Project (OCCRP) and its media partners violated Switzerland’s strict banking secrecy laws, delivering a significant affirmation of press freedom in a country long criticized for criminalizing journalistic reporting on financial secrecy. The decision came in response to a complaint filed by Reyl & Cie S.A., a Geneva-based private bank, which sought to have three Swiss journalists interrogated and subjected to searches at their homes and workplaces for cooperating with OCCRP on a sensitive investigation.

The complaint stemmed from a joint cross-border investigation published in April by OCCRP, Le Monde, Paper Trail Media, and IrpiMedia. That reporting revealed that Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), was scrutinizing tens of millions of dollars held in accounts at Reyl belonging to politically exposed and high-risk clients. The probe was reportedly part of a broader examination into potential anti-money laundering failures at the private bank.

Despite the seriousness of the allegations raised by Reyl, Geneva prosecutors concluded that there were no grounds to pursue a criminal case. In their written decision, issued last month, prosecutors found that the journalists involved had acted fully within the scope of their professional duties and that the reporting addressed matters of clear public interest. Far from constituting a criminal offense, the prosecutors ruled, the investigation reflected the media’s essential role as a watchdog in a democratic society.

A Law That Criminalizes Journalism

At the heart of the dispute lies Switzerland’s controversial Banking Act, which allows journalists to face prison sentences of up to three years for publishing confidential information about Swiss bank customers. The law has drawn sharp criticism from press freedom advocates and international human rights experts, who argue that it effectively shields financial misconduct........

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