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Switzerland's Last Day As A Tax Haven

LONDON -- Switzerland will be taken off the Organization for Economic Development "grey list" of tax havens on Friday, after it signs its twelfth information sharing agreement in New York on Thursday.

"It’s a big event and shows you can change the world in a few months," Pascal Saint-Amans, a spokesman for the OECD told Forbes, confirming the news of the signing at 4p EST. "Six months ago bank secrecy laws were very strict in many countries." On Wednesday, Austria joined the burgeoning list of former OECD tax havens, including the Cayman Islands to go off the list ahead of the two-day G-20 Summit in Pittsburg. A country must sign at least twelve so-called double taxation agreements - a treaty with another country setting out the ways and circumstances under which information on bank clients could be shared. Switzerland signed its eleventh agreement on Wednesday with the U.S. as part of its settlement of the UBS

So now it comes to an end, looks like many will get in troubles with this agreement!

Read more: Switzerland's Last Day As A Tax Haven - Forbes.com