Switzerland yesterday unveiled its new State Secretariat for International Financial Matters (SIF), which the Alpine state's government said will focus on “reinforcing Switzerland's international position in financial and tax matters.”

The SIF is part of the federal department of finance, employees some 40 people and is managed by state secretary Michael Ambühl. It focuses on implementing the new financial market strategy (more on the strategy can be found here).

SIF is responsible for the coordination and strategic management of international financial, monetary and tax matters and represents Switzerland's interests abroad in these areas, a press statement said.

Switzerland has come under much pressure from foreign governments due to its reputation as a so-called tax haven and is therefore in the process of changing the way it exchanges tax information with foreign countries, revising double taxation agreements with several member states of the Organisation for Economic Co-operation and Development. All DTAs still have to be adopted by parliament and remain a controversial topic within Switzerland.

Mr Ambühl has previously been state secretary and head of the directorate of political affairs in the federal department for foreign affairs.