Switzerland To Close Some Bank Haven Loopholes

Law360, New York (March 13, 2009, 12:00 AM EDT) -- A shelter for an estimated $2 trillion in foreign holdings, Switzerland has bowed to mounting pressure and agreed to close bank and legal loopholes shielding private details about bank accounts from international authorities.

Switzerland's Federal Council announced Friday that it would adopt international tax and data sharing standards established by the Organization for Economic Cooperation and Development, joining other former tax havens like Liechtenstein and Andorra in information-exchange laws in order to move off of an OECD blacklist of the worst tax-haven offenders.

In a statement,...
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