The Washington Times - March 13, 2009, 11:18AM

Switzerland has eased its banking secrecy laws by erasing the distinction between tax fraud and tax evasion on foreign bank accounts, the Wall Street Journal is reporting.

Switzerland, which previously cooperated with foreign governments only in tax fraud cases, joined Liechtenstein and Andorra in easing secrecy laws before a meeting of world leaders on tax cheats next month. Tax fraud is a crime; tax evasion is not.

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Well, if you can’t hide your money in a Swiss bank account anymore, I guess it’s back to stuffing the mattress.

This development could be worrisome because the Swiss have long been known for only three things — accurate timepieces, good chocolate and secret bank accounts.  And skiing.  And the Alps.  And beer.  OK, it looks like the Swiss still have some industry options.