A new law revision has been approved, under which people suspected of tax evasion do not have to be informed if Switzerland shares information about them with other countries.
The law revision will further loosen Swiss banking secrecy laws to avoid a global criticism, according to swissinfo.ch.
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According to the parliament, the law will meet the OECD’s demands and avoid possible sanctions.
However, parliament has to formally re-approve the law revision on data exchange at the end of the current legislative session for it to become law.
Previously, cabinet wanted to allow Switzerland to send information to other countries as long as those countries did not have a hand in procuring it but has later dropped the plan following objection from critics who said that the move would promote criminal acts.
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