Switzerland, Singapore agree to automatic exchange of bank data   

瑞士不再为外国账户保密 2万亿离岸资产或曝光

Switzerland and Singapore signed up Tuesday to automatically exchange bank data, a key initiative in a global effort to crack down on tax evasion, the OECD said.

The two nations were among the signatories of a declaration to incorporate the standard for automatic data exchange into domestic law, which would reduce the banking secrecy that has made Switzerland attractive to some investors.

The move is a big step forward for governments that have mounted a concerted attack on evasion in the wake of the global financial crisis and a series of tax scandals, according to Financial Times.

Swiss cooperation is pivotal to the struggle to prise open taxpayers' hidden accounts because of its long tradition of bank secrecy and its dominant wealth management sector, which has $2.2t of offshore assets, a Financial Times report said.