This is part of the Federal Council’s measures for implementing its financial market strategy. As part of this strategy, it also wants to regularise undeclared assets, the government said in a statement.

This strategy already emerged in December 2009, and in a meeting this week, the Federal Council specified the measures for its implementation, in order to preserve the integrity of the Swiss financial centre, the government said in a statement.

The Federal Department of Finance said it had been instructed to swiftly implement the new administrative assistance policy. It remains unclear, however, what exact measures can be used preventing undeclared money to make its way into Swiss bank accounts. 

Switzerland has already negotiated 18 double taxation agreements, which oblige Switzerland to provide administrative assistance upon justified request in individual cases. These DTAs, however, do not allow fishing expeditions, the Swiss government has assured several times in the past.

The signed agreements still have to be accepted by parliament and there remains a chance they will become subject to a popular referendum in accordance with Swiss direct democracy laws.

For making an effort to combat international tax evasion, the OECD has removed the Swiss Confederation from its “grey lists” of nations deemed to be uncooperative in matters of taxation last year.

The Federal Council also said that it will examine in greater detail the opportunities for improved market access in the case of individual states and the European Union.