Russia will be able to get access to Swiss bank accounts of its citizens. The former 100% bank secrecy will be revealed under certain circumstances.

Switzerland and Russia is going to sign an agreement, according to which Swiss banks will provide information about Russian citizens’ accounts, Finance Minister Aleksey Kudrin said in his speech at State Duma today.

First of all it concerns people who evade taxes. Russia will be able to get information in case proceedings on evading and money laundering are caused.  

Switzerland, which was always famous for bank secrecy, had to review its rules in the period of crises. In 2009 Switzerland claimed about easing its laws on bank secrecy adjusting in accordance with Organization for Economic Co-operation and Development standards.