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Will Obama demand end to Swiss banking secrecy?

With America mired in the worst economic crisis since the eighties. Switzerland has every reason to believe that the president-elect means business on banking secrecy issues.

As a Illinois senator, Obama co-sponsored a piece of legislation called the "Tax-Haven Abuse Act," which named Switzerland as one of 34 countries American companies and citizens might be using to evade taxes.

That proposed legislation, which attempted to close fiscal loopholes, failed. But experts agree that Washington will urge Switzerland to abandon its tradition of strict banking confidentiality which is seen as facilitating tax evasion.

Swiss banking secrecy goes back to legislation from 1934. It placed unusually tight restrictions on the amount of information banks are allowed to share with third parties, including foreign governments.

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