SWITZERLAND MOVES TO AVERT THREAT TO PRIVACY PRIVILEGES

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Switzerland has made extraordinary progress towards a goal that many thought unachievable as recently as a year ago. Rather than being forced to do away with its hallowed secrecy arrangements for private banking clients, in August it signed deals with Germany and the UK that preserve confidentiality. More such agreements may be in the pipeline: Italy and France, two neighbouring countries that have traditionally provided much business for Swiss banks, have shown cautious interest and Greece has held direct talks with Bern. These developments come less than two years after private banking in Switzerland appeared to be in trouble, as UBS was forced to divulge the names of 255 rich US clients.
http://www.ft.com/intl/cms/s/0/8b2a76b0-0f68-11e1-88cc-00144feabdc0.html#axzz1eY4zhzqR

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