Jacques de Watteville

The European Union and Switzerland signed a major accord on May 27 that will end banking secrecy for EU residents and prevent them from hiding undeclared income in Swiss banks, the European Commission said.

The agreement deals "another blow against tax evaders, and (represents) another leap towards fairer taxation in Europe," said Pierre Moscovici, the EU commissioner for tax issues.

The agreement signed Wedneday states that information regarding financial accounts will be automatically exchanged between the EU and Switzerland starting 2018.

This step has largely been considered a major breakthrough in the fight against money laundering and tax evasion, as rpeorted by Financial daily.

By Prokopis Hatzinikolaou

Undeclared deposits at banks in Greece and abroad can be legalized, Finance Minister Yanis Varoufakis announced on Tuesday after his meeting with Jacques de Watteville, state secretary in the Swiss Department of Finance, and Greek Minister of State for Combating Corruption Panayiotis Nikoloudis.