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Swiss banking sector put at risk by authorities

After years and years of pressure from countries all around the world the Swiss authorities have caved in and signed up to a tax evasion program which will see the authorities co-operate with other governments around the world. The Swiss government has agreed to sign up to the Organisation for Economic Co-operation and Development (OECD) standards which bring together governments around the world to fight possible cases of tax evasion. But why the change of heart?

There is no doubt that the authorities have come under increased pressure over the last few years but it appears that the possible threat of being blacklisted by the OECD was the final straw. This is a major victory for high-profile government leaders such as Gordon Brown who has been undergoing a serious attack on tax evasion and tax avoidance methods in the UK and overseas. It will be interesting to see how quickly the Swiss authorities take on board the new standards they have agreed to and how quickly we start to see possible tax evasion cases reach the courts.

This move comes just days after the Liechtenstein and Jersey authorities agree to similar deals which will see a substantial crackdown on tax evasion issues over the coming years.

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