Switzerland eases banking secrecy

BBC News, 13 March 2009 

Switzerland, Austria, and Luxembourg have become the latest countries to agree concessions on bank secrecy.

UBS gave US authorities details of
300 American clients last month

Their agreements come after talks with the Organisation for Economic Cooperation and Development (OECD), which sets rules on bank data sharing.

Liechtenstein and Andorra agreed similar OECD deals on Thursday. All had come under increasing pressure to reform their banking sectors.

Last month Swiss bank UBS gave the US details of 300 of its American clients.

The agreements were announced ahead of a meeting of finance ministers and central bank governors from the G20 group of industrialised nations, which begins near London later.

The meeting is likely to focus on the need for tougher regulation of banks and discuss increasing funding to tackle the crisis.