Swiss banks agree tax rules

Tim Wallace
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THE SWISS banking industry yesterday dropped its opposition to new tax transparency rules which will see account information given to foreign authorities.

Other European countries see the state as a tax haven as its tough privacy laws have traditionally allowed evaders to hide their cash.

The Swiss Bankers Association has bowed to pressure to ease the rules: “We should no longer categorically reject an automatic exchange, but it should be introduced globally,” said its head Patrick Odier.