Swiss ease up on bank secrets

Switzerland today announced it would abandon its long-standing tradition of near-total banking secrecy.

The government said it would co-operate on cases of international tax evasion

The Finance Ministry under President Hans-Rudolf Merz promised to adopt standards set by the Paris-based Organisation for Economic Co-operation and Development (OECD) for countries working together against tax havens.

Switzerland had refused to commit since the standards were written in 2000 for fear they would compromise the country’s banking secrecy rules.

It is hoping to avoid being blacklisted when world powers meet in April to discuss stepping up their fight against tax cheats.

It is also embroiled in a dispute with the United States over wealthy Americans that have stashed money in its biggest bank, UBS AG.

Earlier this week Liechtenstein and Andorra agreed similar deals with the OECD.