以刑法規範規制金融領域之漂綠行為？──以瑞士法制為例

Using Criminal Law to Regulate Greenwashing in the Financial Sector?: Taking the Swiss Criminal Law as an Example

永續投資為當前資本市場上顯學之一。然而如果標示為具可持續性之金融商品及金融服務實際上並不若其所被宣傳之｢環保｣、｢綠色｣，甚至未包含如此之性質，而僅是純粹被標記為｢綠色｣？本文以德國2020年發生之DWS案為楔子，借鏡瑞士法制，探討刑法如何（且應）如何協助規制、防治金融領域之「漂綠」行為。
企業經常藉由永續發展承諾，宣傳其商品或服務，然而這些聲明或陳述最終與現實幾乎未有關聯，亦難以驗證。在此背景下，則隨之出現以下刑法問題：一方面，核心刑法和附屬刑法之標準得對「漂綠」行為，即有關商品或服務永續性之詐欺行為如何加以歸類；另一方面，得於何種程度內加以處罰。
瑞士刑法第146條詐欺客觀構成要件形式上似得以涵攝漂綠行為，然在證明行為主觀動機及財產損失之關聯性方面可能將出現困難；反觀在瑞士反不正當競爭法第3條第1項b款併同第23條第1項似乎更為相關，因為此際主要涉及以不正當手段進行廣告。「漂綠」主要被企業用以（更好地）行銷其商品或服務。總體而言，瑞士刑法對此金融領域之「漂綠」行為似仍屬不足。
最後本文並以瑞士刑法之討論為據，簡要說明我國刑法對於規制金融領域「漂綠」行為應思考之方向。

Sustainable investment is one of the popular topics in the current capital market. However, what if the financial products and services labeled as sustainable are not actually“environmental-friendly”or“green”as advertised, or even do not contain such properties, but are simply labeled as“green”? This paper uses the DWS case that happened in Germany in 2020 as a wedge, and draws on the Swiss legal system to explore how (and should) criminal law help regulate and prevent“greenwashing”behavior in the financial sector.
Companies often promote their products or services through sustainability promises, but these claims or representations ultimately have little relevance to reality and are difficult to verify. Against this background, the following criminal law issues arise: On the one hand, how to classify“greenwashing”(i.e., fraud related to the sustainability of goods or services) according to the standards of core criminal law and subsidiary criminal law. On the one hand, to what extent punishment can be imposed.
The objective elements of fraud in Article 146 of the Swiss Criminal Code formally seem to cover green laundering, but there may be difficulties in proving the correlation between the subjective motivations of the behavior and property losses. By contrast, Article 146 of the Swiss Anti-Unfair Competition Law, Anti-Unfair Competition Article 3(1)(b) of the Competition Act together with Article 23(1) seems to be more relevant, since in this case it mainly concerns advertising by unfair means. Greenwashing is mainly used by companies to better market their goods or services. Generally speaking, Swiss criminal law seems to be insufficient in dealing with“greenwashing”behavior in the financial sector.
Finally, this paper uses discussions of Swiss criminal law as a basis to briefly explain the direction that our country's criminal law should think about in regulating“greenwashing”behavior in the financial field.