Financial centres around the world are bemoaning the fact that new tax avoidance laws are ruining their banking and investments sectors.
A new era of transparency and co-operation between nations has squeezed out the financial centres making big profits from exploiting loopholes in international tax laws.
The US Foreign Account Tax Compliance Act (FATCA) has led the way by drawing back the veil of secrecy tightly pulled across banking, tax and investment advice offered in some quarters.
The biggest head has just been served up on a platter to the US.
The lower house of the Swiss parliament has agreed to sign up for FATCA and to report details of US customer accounts to the Internal Revenue Service each year.
The ruling, which uncoincidentally comes just a few days after Swiss bankers made a grovelling apology about past wrongdoings and offered billions of dollars in compensation to avoid prosecution.
Queuing behind the Americans are the British, Germans and other European states who are also aggrieved that the Swiss have collaborated with individuals and companies to evade tax for so long.
Bankers and tax lawyers in Switzerland are concerned for the future of financial services in the country.
After standing for so long as a bastion of secrecy for the wealthy, now the gates are breached, some fear the industry may collapse.
Although this may be a big worry for the Swiss gnomes who have to pay bills and put food on the table, the day of reckoning has taken too long to come for many.
The simple fact is that wealthy investors could buy their way out of paying the taxes that everyone else had to pay by going to Switzerland and similar tax havens.
From the outside, it’s not hard to see that the US, Britain and other leading nations are picking off tax havens and multinational corporations like snipers.
The worry for former tax havens like Switzerland is the banks have more European clients than those from the US.
The Swiss Bankers Association (SBA) is unclear how banks would weather the financial storm wreaking havoc across the industry.
“The banks not only kept their dealings confidential for their customers, but from each other, so no one knows what exposure the industry has to FATCA and other tax agreements,” said a spokesman.
“The deal with the US was really non-negotiable and had to be accepted to put the past behind us.”