'The US is extremely pleased with this country's efforts,' Mercer Reynolds explained last week. 'The Swiss are at the forefront in fighting the financial side of terrorism. They formed a task force to deal with terrorism related issues, and the results are very dramatic in terms of what has been achieved.'

According to the US ambassador, over SFr32.82 million ($20 million) in assets from around 60 accounts has been frozen as part of the Swiss anti-money laundering drive. However, he denies that the large amount of potential terrorist financing found in the country's banking sector is an indication that Switzerland is a haven for such assets, explaining to the Swissinfo news service that: 'Thirty-five percent of the world's trans-national wealth is in Switzerland. It's not surprising to find money here that supports bin Laden's efforts.'

Mr Reynolds called for stronger diplomatic and political ties between the US and Switzerland, although he admitted that in the minds of many American citizens, the offshore financial centre was viewed through 'the old spy model'. He suggested that the forthcoming annual meeting of the World Economic Forum in New York could be the country's chance to shine.

'I think it will be a time for Switzerland to show the world what they're doing not only to fight terrorism, but to also show they can be a world political force in the future,' he told the Swiss news service.