The latest development comes on the heels of a groundbreaking concession. Last week, UBS agreed to demands by the US taxing agency to release the names of about 250 private account holders, who may have used UBS to evade taxes in the US. 
But the push and pull between the US and Swiss banking system has broader resonance for the global financial system: Secretive banks and tax havens—free from regulatory scrutiny—are simply unacceptable.
Swiss banks have long been a safe haven for the loot of autocratic strongmen. Reports abound of the most reviled individuals of the 20th century stashing their funds in Swiss accounts, including Zimbabwe’s Robert Mugabe and those close to Saddam Hussein. In 2001, the US accused Swiss banks of clearing Osama bin Laden’s financing.
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