Switzerland signs deal to end banking secrecy

Switzerland, in an effort to combat tax evasion and money laundering activities, has agreed to a deal with the Organisation for Economic Co-operation and Development (OECD) agreeing to exchange data with 60 other countries that will effectively end its banking secrecy. Switzerland is the world’s largest offshore wealth center, with an estimated $2.2 trillion in assets compared to a $632.2 billion GDP.
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