Swiss banks will pay significant fines to avoid US penalties under a deal announced on Thursday which forces them to begin disclosing the offshore accounts of American clients.
The US Department of Justice said the agreement with Switzerland will advance Washington's campaign against tax avoidance by US citizens hiding funds offshore.
But it also made clear that Switzerland would no longer be able to offer secret banking facilities to Americans out of reach of US tax authorities.
"This program will significantly enhance the Justice Department's ongoing efforts to aggressively pursue those who attempt to evade the law by hiding their assets outside of the United States," US Attorney General Eric Holder said in a statement.
"In addition to strengthening our partnership with the Swiss government, the program's requirement that Swiss banks provide detailed account information will improve our ability to bring tax dollars back to the US Treasury from across the globe." Full story...
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The US Department of Justice said the agreement with Switzerland will advance Washington's campaign against tax avoidance by US citizens hiding funds offshore.
But it also made clear that Switzerland would no longer be able to offer secret banking facilities to Americans out of reach of US tax authorities.
"This program will significantly enhance the Justice Department's ongoing efforts to aggressively pursue those who attempt to evade the law by hiding their assets outside of the United States," US Attorney General Eric Holder said in a statement.
"In addition to strengthening our partnership with the Swiss government, the program's requirement that Swiss banks provide detailed account information will improve our ability to bring tax dollars back to the US Treasury from across the globe." Full story...
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