Although the ordinance requiring, among other things, the ending of entirely anonymous money transfers abroad, was introduced last year, the one year transition period ended on June 30.

Somewhat paradoxically, German Finance Minister Hans Eichel chose the run-up to the full introduction of the tighter regulations to announce in an interview that:

"I am very concerned that money transfers from Swiss banks to German financial institutions are being made without including the name of the sender."

However, the Swiss Bankers Association (SBA) hit back, asserting that:

"It is internationally recognised that Switzerland has the toughest rules in the world to fight money laundering."

Speaking to the Swissinfo news service last week, financial historian Marc Perrenoud dismissed suggestions that the updating of the numbered account system represents the beginning of the end for Swiss banking, observing in a suitably gnomic utterance that:

"The computer age has allowed Swiss banks to develop new methods of running their businesses which of course did not exist [when numbered accounts began] at the turn of the century. So I believe they will continue to prosper in the future."