The Swiss bankers Association has dropped outright rejection of the exchange of
bank client data with foreign tax authorities,its head was quoted saying on Monday.
Swiss bank secrecy has come under heavy fire from the United States,France and
Germany since the financial crisis.Switzerland agreed in 2009 to share more information with foreign authorities on request,but it has consistently rejected an automatic exchange of data.
The Group of 20 advanced and emerging economies endorsed automatic exchange
of tax data among nations last month,calling it the expected new standard how
governments can help each other fight cross border tax cheating.
Source; Reuters & Global Financial Integrity.