The Organization for Economic Co-operation and Development said on Friday that it regretted Switzerland’s decision to veto part of the OECD’s budget in a dispute over bank secrecy in the Alpine tax haven.
World leaders agreed at the recent G-20 summit to crack down on tax fraud and asked the OECD to publish lists of tax havens. Switzerland landed on a list of financial centers that have yet to deliver on pledges to meet international standards of bank information disclosure.
“The OECD acted in good faith,” OECD chief Angel Gurria said in a letter to Swiss President Hans-Rudolf Merz, a copy of which was released to journalists.
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