NEW DELHI , JUNE 17, 2010: THE Brazilian government on Monday placed Switzerland on a financial blacklist of tax havens.

While the Swiss government has conveyed surprise at the move, no one else seems to be quite as astonished.

According to Brazilian newspapers, the government has placed Switzerland along with 13 other countries with opaque banking and commercial secrecy rules on a tax haven blacklist.

This move has come shortly after the Swiss lower house defeated the bill that caused a setback to US bid to take action against its tax evaders. By defeating the bill, the Swiss headquartered global financial giant was prevented from revealing the names of its US-based account holders who set up offshore accounts to probably evade taxes.

Another event that could have influenced Brazil's decision to blacklist tax havens would be its ranking among countries that have substantially implemented the internationally agreed tax standard. Brazil was included in this list by the OECD's Global Forum on Transparency and Exchange of Information.

Brazil's move shall certainly increase the pressure on Switzerland to loosen its bank secrecy laws.