Financial Transparency Coalition

The chairman of the Swiss Bankers Association says the softening of Swiss banking secrecy laws has not led to any noticeable flow of assets out of the country.

We must today acknowledge the existence of an axis that has remained ignored. It is a lethal axis that originates and perpetuates poverty. It is an axis that feeds and fosters mafias, corruption, crime and terrorism. The Axis of feeble is our new enemy if we are to redefine capitalism and build a new economic architecture that works for the extreme poor.

A leading development lobby group has condemned Italy and France for failing to meet targets to increase aid to sub-Saharan Africa and called on the G7 and other international organisations to take sanctions against such breaches in future.

The Swiss government said Wednesday it has agreed to revise existing pacts with Norway on double taxation, a move triggered by recent concessions made by Switzerland on banking secrecy.