FINANCIAL TIMES: Switzerland and the US have agreed on a landmark programme that will finally give Swiss banks the chance to lay to rest a simmering dispute over their alleged role in helping Americans evade taxes.
However, participation in the deal will come at a heavy cost for Switzerland’s lenders, which will have to provide the US with details of their cross-border business and, in some cases, also have to pay heavy fines.
The new programme, published on Thursday by the US Department of Justice, does not directly apply to these so-called “category one” banks, but rather is targeted at the 300 or so other Swiss banks not yet under investigation… (more)
