Swiss completes tax-dodge payments to Britain, Austria

GENEVA, Sept 2 (AFP) :  Switzerland said Monday that it had completed a programme to pay Britain and Austria hundreds of millions of euros in settlements for past tax-dodging by their citizens.

In a statement, the Swiss tax administration said that London had received a total of 469.5 million pounds (593 million euros, $779 million), and Vienna, 738.3 million euros over the course of the year-long programme.

With the financial crisis having put Switzerland under mounting pressure to lift its trademark banking secrecy laws, the country opted to give ground in some areas in order to defend the overall principle of privacy.

Under bilateral deals with Britain and Austria, Switzerland offered two options to people who failed to declare in their home countries money placed in Swiss banks.