The banking secrecy is currently going trough a time of change. In the light of the financial crisis and decreased tax revenues related therewith, calls for the uncovering of tax evaders are growing louder. Thereby countries come under criticism which legal regimes prevent access to fiscally relevant banking details of foreign customers. Exchange of information is an important tool in fighting non-compliance with the tax laws in an increasingly borderless world. The ongoing political pressure by the OECD forced countries with a banking secrecy to make drastic allowances. Using the examples of the banking secrecies in Austria and Switzerland this article considers the recent developments and the future of the banking secrecy in more detail.

Kerres, Proell, STEP Journal, 2009