Particularly where Switzerland is concerned, Roth said that this could transform the country's reputation as a jurisdiction with bank secrecy laws that allow such finanical crimes to take place. 'It's quite an important deterrent for regulators, not only in Switzerland but worldwide, to name and shame banks which break the rules against corruption and other financial crimes, in order to make the banks aware that their reputation is at stake,' he said.

The SBA chief referred to Switzerland's banking supervisory body, the Federal Banking Commission, which last year named six banks for failing to display the 'necessary diligence' in processing the funds, valued at around US4600 million, of the late Nigerian leader, General Sani Abacha, which are now frozen in the country.

The commission disclosed the identities of six banks involved. They were Credit Agricole Indosuez, UBP Union Bank and Warburg Bank, Credit Suisse, Hofmann Bank, and Leu Bank (the latter three being units of the Credit Suisse Group).

Swissinfo also reports that Roth urged the government to reveal more details of the procedures carried out in connection with the freezing of bank accounts suspected of being related to terrorism. He said that members of the media had complained over the limited amount of information provided by the authorities when they announced that they had frozen 24 accounts containing $12 million (SFr19.56 million).

He said: 'I believe it would be useful for the government to disclose information more openly with regard to the procedures that they have set up in order to fight financial crime and to cooperate with the international community. On the other hand, I understand that the authorities cannot at this point disclose names and accounts because there's a danger that if this information is disclosed, it would jeopardise the investigation.'