The main reason for this major change is that even in the presence of information-sharing provisions of treaties, Switzerland refused to provide any information on most account holders that were evading US (or other countries') taxes, on the rationale that evading non-Swiss tax was not a criminal offense in Switzerland. Cooperation was virtually nil, especially in the tax arena.
Depending on the scope of the changes, this could be huge news.
Depending on the scope of the changes, this could be huge news.