Switzerland Is Taken Off List of Uncooperative Tax Havens

The Organization for Economic Cooperation and Development removed Switzerland from its so-called gray list of uncooperative tax havens Friday, lifting some political pressure off the world's largest offshore banking center.

In April, the Paris-based organization placed Switzerland on a list of countries that complied with the OECD standards for sharing tax information but didn't implement them in substance.

The Swiss government then agreed to follow OECD guidelines for sharing tax information. By doing so, it effectively relaxed its bank-secrecy laws and opened the door for foreign tax authorities to seek information on their citizens' bank accounts held in Switzerland. To be removed from the list, Switzerland had to sign a dozen double-taxation treaties.

Switzerland's removal from the list came as the Group of 20 summit got under way in Pittsburgh. The G-20 has threatened to impose sanctions on tax havens that refuse to comply with OECD standards.

Write to Deborah Ball at deborah.ball@wsj.com
