Submitted on Friday 13th March 2009

Tax havens to end?

Swiss Banks have bowed to US pressure and begin cooperation on tax evasion cases in lien with OECD rules. Unusually tax evasion in Switzerland is a civil rather than criminal offence.

The threat of being blacklisted as an ucoperative tax regime along with Monaco Andorra and Liechtenstein was part of the reason for beginning the process of cooperation.

UK Prime Minister Gordon Brown said the changes were "the beginning of the end of tax havens".

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