The current international pressure on so-called tax havens such as Switzerland will benefit financial centres in the Middle East and Asia, according to the research and information firm Datamonitor.

"The outcomes of these US and European initiatives are likely to be a burgeoning onshore wealth management market and a change in the relative attractiveness of other offshore markets. Asia and the Middle East are the two regions that stand to benefit the most,” says Datamonitor senior analyst Susan Ellis.

At a summit held in London this year G20 countries such as the UK, Germany, the US and Japan agreed that tax havens should be compelled to exchange tax information on request.

The issue of how countries deal with tax havens has been put under the spotlight by the case of Swiss bank UBS, which is accused by the US authorities of helping wealthy US citizens evade taxes via offshore accounts. Switzerland does not recognise tax evasion as a crime and its centuries-old tradition of bank secrecy prevents banks from transferring client details upon request without clear proof of criminal activity.

The US Internal Revenue Service is seeking the identities of about 52,000 US clients of UBS who are allegedly hiding $15 billion in the bank. After weeks of legal proceedings, an agreement in principle has reportedly been forged between the US Justice Department and the Swiss government. An announcement may be made as soon as 7 August.