Getting back to basics: Switzerland reviews its position
Under attack for its liberal tax policies and confidentiality laws, the alpine idyll is trying to rebuild its reputation after some embarrassing lapses in judgement.
Switzerland is reeling from a number of unexpected hits to its reputation as a safe haven for private wealth. First its banking system threatened to unravel with major losses declared at UBS which also came under attack from US tax authorities. The country's standing as a bastion of client secrecy and protection was further knocked when UBS gave up information on some of its US clients.
The fallout from the Madoff scandal has also sent shockwaves throughout the Swiss banking and fund industry
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