The high-level task force aims to put the Swiss banking industry on a more agile footing amid changes in an increasingly international business. The International Swiss Financial Centre Executive Committee, headed by Swiss Bankers Association Chief Executive Niklaus Blattner, also includes six senior bank executives, including two from giants UBS AG and Credit Suisse Group.

Whilst the task force will look at domestic issues, its main focus will be on "where we stand in Switzerland compared to different countries, and what we want to achieve as standards," according to Swiss Bankers Association Chairman Georg Krayer. Speaking at a conference held by the Swiss Bankers Association, he said: 'We have to open our eyes. The playing field is broad and we have to react to this.'

E-banking and a host of legal and regulatory issues are creating challenges for the country's banking sector, which contributes 11 percent of Switzerland's gross domestic product, and generates over 10 percent of its tax revenues.

The formation of the task force follows a series of road shows by the Bankers Association outside the country to promote understanding for Switzerland and its tight banking secrecy laws. It is exactly these laws which have attracted figures such as Abachi to deposit their dubious assets in Swiss bank accounts. The government has repeatedly stated that it is seeking to reduce such cases. Swiss Justice Minister Ruth Metzler has asked banks to support calls for more government staff and resources to improve vigilance on accounts and told the conference: 'Cases like the Abacha money harm Switzerland's reputation and we cannot allow them to be repeated.'