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Switzerland and other tax havens face growing pressure over banking secrecy.GENEVA- Countries long seen as financial havens are quietly arranging to offer more cooperation on tax reporting as Switzerland faces growing pressure over its banking secrecy, which is alleged to encourage tax cheats.
Malcolm Couch, who is Assessor of Income Tax for the Isle of Man, told AFP, "We've quietly, in the background, without getting much acclaim, got on with working closely with the OECD, concluding lots of tax cooperation agreements."
The Paris-based Organisation for Economic Cooperation and Development is leading an initiative to encourage greater transparency in tax matters.
Couch, who is in charge of the tiny island's direct taxation matters, added that its "regulatory system is completely up to scratch".
All countries offer some degree of banking secrecy, although in some -- such as Switzerland -- client confidentiality is enshrined in law.

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