According to Reuters, the German media have accused Swiss banks of telling German clients to shift money to Singapore, in order to avoid detection and taxation of their assets.
And sue to the allegations, it has been difficult for Germany and Switzerland to finalize a proposed deal that would leave German account holders anonymous but under which the Swiss government would impose a retroactive withholding tax and would tax future interest income on the accounts.
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Currently, Swiss government has entered into deals with Britain, Austria and Germany, is pursuing similar pacts with Greece and Italy, and has several more countries wanting to enter into treaties with them.
In July 2012, German authorities had raided the homes of clients of Credit Suisse.
Credit Suisse Chairman Urs Rohner remarked "A withholding tax and a tax of legacy assets is the proper and sensible means to ensure tax compliance while safeguarding privacy."
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