Since the beginning of the 20th century, banking secrecy has been one of the major marketing points of the famous Swiss banking system, write Jean-Blaise Eckert and Frédéric Neukomm of Lenz & Staehelin. Traditionally, therefore, Switzerland limited any exchange of banking information with foreign states to the minimum.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year