Switzerland and Italy have signed an account disclosure agreement in another attempt by Rome to chase down tax evaders.

The Switzerland-Italy agreement to share tax information, signed last week, should yield results for Rome in tracking down undisclosed money, a major law firm argues.

The two countries have signed an accord allowing Italian authorities to obtain information on hidden accounts in the Alpine state. The agreement offers a partial tax amnesty to Italians via a voluntary process which cuts fines and removes most – if not all – criminal charges. There have been a number of tax amnesties run by the Italian authorities in recent years.

“Following on from the introduction of a voluntary disclosure regime in Italy in December 2014, this agreement shows the determination of the Italian government to flush out offshore funds, as well as the belief that the majority of these are located in Switzerland. We have found that clients are taking advantage of the disclosure programme and, with the access to Swiss account information established by this agreement, Italian taxpayers will be further compelled to make use of the programme before it closes on 30 September 2015,” Giulia Cipollini, Withers’ head of tax in Italy, said.

A report by Reuters says the Bank of Italy estimates that around 70 per cent of the cash that Italians have hidden abroad is in Switzerland; it quotes Italian government sources saying the deal could yield up to €6.5 billion ($7.3 billion) in additional tax revenues.

Switzerland’s status as an offshore jurisdiction has come under sharp – and often hostile – attention in recent weeks and months; the most recent episode is that of HSBC’s private bank in Geneva and allegations that the Hong Kong/UK-listed banking group allowed this unit to aid tax evaders. The banking group said its Geneva bank has radically changed procedures since 2008 and closed accounts.