OECD to move Switzerland off tax list

Switzerland is set to be removed from the OECD's roster of countries not fully co-operating in tax evasion enquiries bacause they are shielded by bank secrecy rules.

The influential think tank took the decision after the land-locked country signed an exchange of information agreement with the United States.

Switzerland now has 11 agreements, 10 of which are with countries signed up to the OECD charter including France, the UK and now the US.

The OECD said Switzerland was planning another agreement, which had been the cue for the decision to reclassify it.

"This will mark [Switzlerland's] twelfth agreement conforming to the OECD standard and will mean that Switzerland joins the category of jurisdictions that have substantially implemented the internationally agreed tax standard," the OECD said.

11 other jurisdictions - Aruba, Austria, Belgium, Bermuda, British Virgin Islands, Bahrain, Cayman Islands, Luxembourg, Monaco, Netherlands Antilles and San Marino - have moved to the category of jurisdictions having substantially implemented the standard since April 2.

"The OECD’s Secretary-General Angel Gurría said: "Our congratulations to the Swiss authorities. Signing agreements is only one step in a process. What we will now be looking for [is] effective implementation by all countries."