ZURICH, Feb 27 - Offshore financial centres which have thrived under a veil of bank secrecy will have to embrace transparency to survive a global crackdown on tax cheats that is menacing the private banking sector in Switzerland and beyond.
A U.S. tax fraud probe into UBS AG, the world's largest wealth manager, is showing Washington is serious about chasing tax dodgers at a time when it is desperate for revenue to revive its ailing financial sector.
In Europe, Britain has joined Germany and France in the battle against tax havens and has put the item on the agenda of a Group of 20 nations meeting on April 2, bringing the political debate on tax evasion to unprecedented levels.
"The pressure is on to crack down on offshore centres," said Dermot Butler, chairman of Custom House, which provides onshore and offshore funds. "The long-term effects on the Caribbean, and Switzerland and Liechtenstein is that those who were suspicious of them will be even more so."
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