Prime minister Gordon Brown has vowed to tackle tax-havens in countries such as Switzerland and the Cayman Islands in an attempt to stop the world's super-rich from exploiting accounting loopholes.
Mr Brown will discuss with other world leaders how to put in place regulations that will be universal across all countries in order to stop the loss of the billions of pounds in tax revenues, thought to be between £4 to 13 billion per year in the UK.
G20 members, with whom Mr Brown will be meeting, collectively lose £100 billion a year.
"We want the whole of the world to take action. That will mean action against regulatory and tax havens in parts of the world which have escaped the regulatory attention they need," said the prime minister.
The Swiss government has already said that it will contest US president Barack Obama's attempt to enforce open banking in the country, saying that Swiss law can defend those with accounts in the country.
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