Swiss are urged to end bank secrecy

The European Union official in charge of tax policy tried to persuade Switzerland yesterday to agree to surrender more information about clients of its big banking industry as part of a drive to combat tax evasion.

By The Newsroom

Published 18th Jun 2013, 09:55 BST

Commissioner Algirdas Semeta’s meeting with Swiss Finance Minister Eveline Widmer-Schlumpf in Berne came as Prime Minister David Cameron was due to put his aim of fighting tax evasion on the agenda of the G8 summit he is hosting.

“It is widely accepted worldwide today that the era of bank secrecy is over,” Semeta said.

“Switzerland can gain from a stronger tax agreement with the EU with automatic exchange of information at its core. It would be a clear signal from Switzerland that it supports fair play.”

Switzerland, the world’s biggest offshore financial centre, with 1.26 trillion pounds in assets under management, is under pressure from the EU and the US to end bank secrecy as cash-strapped states seek to stop tax evasion.

David Cameron European Union