Sources have revealed that Switzerland is looking forward to signature sweeping tax treaties with Germany and Britain, as an attempt to ensure that assets belonging to citizens of those countries held in Swiss banks will no longer escape tax.

Further, it is anticipated that Germany will sign the agreement first, most probably on Wednesday, followed by an identical deal with Britain where both the agreement will have board effects and client will be able to retain their secrecy.

A Law Professor at the University of Geneva, Luc Thévenoz, said that being surrounded by the European Union and a significant wealth management center, Switzerland has chosen to make this move at the right juncture.

Earlier in April, an analyst in London for the Swiss brokerage firm Helvea, Peter Thorne, had estimated that for credits issues, 808 billion francs under management at the end of last year.

The proposal could affect around 18% of total. Further, analyst anticipated that for UBS it would be 20% of the 768 billion francs.

“Swiss banks have been preparing for this development for some time”, added Mr. Thorne.

“Indeed, an extension of the withholding tax arrangements that these measures effectively represent is probably a better outcome than the feared automatic exchange of information which would in reality completely end any pretence of bank secrecy in Switzerland”, he concluded.