Swiss move helpful

At the European Finance Ministers' meeting on Tuesday, Switzerland, the world's largest offshore financial center, agreed to sign a global standard on the automatic exchange of information on foreigners' bank accounts, a move that has been widely interpreted as lifting the centuries-old veil of secrecy that has made Swiss bank accounts so attractive to those looking to "hide" their money.

The move is a big step forward for governments that have mounted a concerted attack on tax evasion in the wake of the global financial crisis.

Swiss cooperation in opening up bank accounts is also good news for China's ongoing anti-corruption efforts as it will be much easier for the authorities to collect information on overseas accounts relating to corrupt officials, said a Beijing News column, which advocated domestic agencies positively coordinate with Swiss banks to gather information on the Chinese owners of bank accounts in Switzerland.