HUFF POST / REUTERS: … U.S. officials have said they are investigating other banks after UBS paid $780 million in 2009 to settle tax evasion charges.
In an article on June 9, sources told Reuters the U.S. and Switzerland were in advanced talks on a multibillion dollar deal that would let several Swiss and European banks join a common settlement to avoid potential U.S. prosecution…
Foreign Account Tax Compliance Act (FATCA) is a U.S. bill adopted in March 2010 that forces non-U.S. banks to automatically share a vast amount of information regarding the bank dealings of their U.S. clients.
With state coffers strained by the financial crisis, Switzerland has come into the crosshairs of tax authorities in Italy, Britain and Germany, as well as the U.S., which all suspect their citizens of stashing money in Swiss accounts to avoid taxes… (more)
