The FT has reported that:

The world's leading private banks could be facing an international government crackdown on tax evasion.

Matters could escalate this month. Pressure, led by Germany, to tighten the EU's savings tax directive could remove the loophole enabling income to remain untaxed if held by a company, rather than an individual. The loophole has led many wealthy account holders, assisted by their banks, to move assets into company names.

Such signs of a crackdown have reinforced warnings that the traditional offshore private banking model, in which wealthy individuals hold assets in secret, and often undeclared, accounts in centres such as Switzerland, may struggle to survive.

This is something we have long campaigned for. It's overdue to happen. The role of the world's leading banks in promoting tax evasion has to be stopped. The free-riding of their clients on the back of the majority of the world's population has to end. Now is the best opportunity we have had to achieve these goals. I know Germany intends to be robust. Let's hope it succeeds.