FT: Switz willing to dilute secrecy as DOJ presses on

Switzerland emphasised on Tuesday its willingness to dilute bank secrecy, as the US Department of Justice indicated that it planned to continue with legal action to force UBS to reveal the names of its American offshore private banking clients.

Hans-Rudolf Merz, Switzerland’s finance minister, said Bern intended to negotiate 12 revised double taxation treaties this year, extending substantially the range of countries benefiting from greater transparency.

The need for fresh agreements followed Switzerland’s acceptance in March of transparency standards set by the Organisation for Economic Co-operation and Development, the industrialised nations’ club.

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Six deals have already been negotiated, taking Switzerland halfway to the total of 12 required to remove the country from a “grey list” of countries not fully compliant with the new rules.

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