The End of Swiss Banking

Tax evaders, take note: According to Reuters, “Switzerland agreed on Friday to relax its strict bank secrecy rules and co-operate more on tax evasion in a last-ditch attempt to fend off a global crackdown on tax havens that is rattling the offshore banking industry.” Switzerland will not drop secrecy altogether, but will comply on a case-by-case basis. Luxembourg and Austria are also easing secrecy standards in order to help other countries catch tax evaders.