Swiss banks' move 'to aid graft fight'

A decision by Switzerland to hand over details of secret bank accounts in the country to other nations will benefit China's ongoing anti-corruption campaign, financial specialists say.

The Swiss pledged on Tuesday to provide details of foreign bank accounts, marking a breakthrough in the global crackdown on tax evasion.

The Financial Times reported that Switzerland committed itself to signing a new global standard on automatic exchange of information. The move is being viewed as a decisive break away from traditional Swiss protection of banking clients' privacy.