Swiss unbowed on bank secrecy laws

Foreign pressure on Switzerland to overhaul its banking rules has met with fierce resistance from the Swiss government, which is eager to protect a law that makes it a crime for a banker to disclose client details.

Pressure is mounting on Switzerland from Germany, which is eyeing the estimated £1,000bn deposited in Swiss banks after obtaining the bank details of alleged tax evaders from a former Liechtenstein bank employee.

The Daily Telegraph reports that Germany is pushing for co-operation from Swiss tax authorities, but Switzerland is defending its ground.

'Switzerland isn't a tax haven. The sovereignty of each state, in particular with reference to its tax legislation, has to be respected,' Swiss finance minister Hans-Rudolf Merz said.

Further reading:

Liechtenstein effect here to stay

MPs to probe Liechtenstein informant deal