Switzerland has made progress in implementing the Organisation for Economic Development and Co-operation's tax standard as it agrees to share information with the US. But, exceptions were made when the country said that individual information would only be exchanged if a 'specific and justified request has been made' by the US. In March this year, Switzerland announced that it would start to cooperate on sharing bank information to achieve global tax transparency and in February, Swiss bank UBS gave 300 bank details of US account holders who were thought to have held the accounts to avoid paying tax to the US government. Since then, UBS has rejected demands from the US government to reveal details of a further 50,000 UBS account holders. Switzerland is currently one of the jurisdictions on the OECD 'grey list' as a country considered to be a tax haven. It will have to improve its 'grey' status by cooperating with more countries on tax matters. The tax agreement between Switzerland and the US is to be signed within the next few months, according to the BBC.