The news this week that the Liechtenstein-based Alpe Adria Privatbank has gone into liquidation might just be one of the first indications that the global crackdown on tax havens is beginning to come through and hit offshore centres hard.

Alpe Adria might not have been particularly big - it employed around 40 people and managed approximately SFr1.2bn in the assets of the wealthy - but up until very recently it had aspirations of growing its business.