So the Swiss government has reiterated its commitment to a policy of banking secrecy, despite growing international criticism. Mr Villiger is not going to win himself any friends within the OECD and FATF, the organisations bent on stamping out tax evasion and money laundering. To be fair, Switzerland has made a certain effort to tackle money laundering, but private banking in the Alpine country is like a brick in a wall. Take it out and you don't know quite what's going to happen. The Swiss economy is hugely reliant on the financial sector, namely its banks, and besides, Switzerland has no desire to rid itself of one of its greatest traditions.

Mr Villiger says doing away with banking secrecy is not necessary in any case as Switzerland is doing all it can not to encourage financial crime through confidentiality. Speaking in Geneva, he expressed anger at the cliched view of Switzerland as a money laundering paradise and repeated that banking secrecy was not negotiable. Mr Villiger said: 'There’s no chance of Switzerland being forced to abandon this principle, at least as long as we’re cooperating in an efficient way to solve the real problems. The confidentiality of banking should never be an instrument for abuse, tax fraud or criminal activities. Today we have all the instruments for fighting money-laundering and tax evasion.'

Mr Villiger added that the withholding tax system, which has been in place in Switzerland for the past 50 years, was much more efficient than any other. Most forms of capital income are subject to this tax at a very high rate of 35 per cent.

The EU has been particularly vocal in criticising Swiss banking secrecy in recent months. The EU wants access to information on EU citizens with Swiss bank accounts who are suspected of tax fraud. Some analysts have suggested that Swiss membership of the EU, which is the government’s long-term aim, will be impossible unless the fortress of banking secrecy is breached. However, Villiger said the EU itself decided to give its member states the opportunity to choose an information system or one based on a withholding tax. He said: 'The Europeans cannot say we are wrong when they allow the same system for their own union. In 10 years, I’m sure they will see that it is an efficient system.'

For Villiger, the crux of the matter is that the Swiss people simply do not want to give up their cherished banking secrecy. He said: 'A person’s confidentiality is a very important principle, especially at a time when new technology allows you to draw up detailed profiles of everyone. Every person has a right to be protected. We have all the tools necessary to avoid abuses, and that is why it is legitimate to maintain this special professional secrecy. I’m convinced that even if the government proposed moving away from this system, the people would never say yes.'