“Switzerland, at this point, is the only country in Europe that does not allow for automatic information exchange or any regime whereby banks have no restrictions as to sharing detailed client and account information with other banks and tax authorities. Obviously, the pressure is on Switzerland to join the bandwagon. This, however, collides with Swiss client confidentiality and banking secrecy rules. And, according to recent polls, the Swiss people are not at all in favor of letting go of those privacy rights. The reason Switzerland has not joined yet is that such a step would certainly be subject to a national vote in Switzerland, as is the case with most critical changes of law.”
http://www.internationalman.com/78-global-perspectives/1002-is-switzerland-still-open-to-americans
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