Michael Ambuehl, Switzerland’s state secretary for international affairs in tax and financial issues, has expressed confidence that the Alpine state’s banks will face no further probes by the US authorities into alleged tax evasion like that undergone by UBS, Reuters reports.

Speaking at a news conference in Berne, Ambuehl was asked if other Swiss banks could face problems with the US authorities similar to those experienced by UBS – a question which has repeatedly reared its head in recent times. "There is no evidence of that," the top-ranking diplomat reportedly answered, a response which no doubt came as welcome reassurance to the country’s private banking industry.

Ambuehl went on to emphasise that Switzerland’s main aim is to remain a stable and prosperous jurisdiction, but also acknowledged the need to avoid incurring the wrath of bodies such as the Organisation for Economic Co-operation and Development. "We want to stay competitive without being put on a black list every second week," he reportedly said. Switzerland was of course placed on the OECD’s “grey list” of jurisdictions deemed to be insufficiently cooperative on matters of tax information exchange before certain concessions secured its removal.

Swiss banking secrecy has come under serious attack in recent times, with the most damaging blow coming in the shape of the high profile legal tussle between the US tax authorities and UBS. This long-running case saw UBS not only pay a $780 million dollar fine to settle charges that it assisted US citizens in avoiding paying taxes, but more significantly it forced the Swiss government to broker a deal in which the bank promised to hand over data on up to 4,450 suspected tax evaders.

The deal, signed about a year ago, was seen as a significant erosion of Switzerland’s time-honoured banking secrecy and met with fierce resistance from within the country itself from those who view such compromises as an attack on Swiss sovereignty. In fact, so seriously is banking secrecy taken in Switzerland, that a banker disclosing client information improperly can face a prison term in addition to weighty fines. It is also significant that under Swiss law only tax fraud, and not tax evasion, is a crime.

It remains to be seen whether Switzerland’s banks will escape further scrutiny from the US authorities, but it would seem that the prospect of such attentions has already taken effect as a number of Swiss firms have ceased to provide offshore banking services to US citizens.