Switzerland allows banks to hand over data to US
Source: Agencies |
April 16, 2012, Monday
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Print Edition
Print Edition
SWITZERLAND will allow banks to hand over the names of any employees and other third parties who helped wealthy Americans evade taxes to US prosecutors, a Swiss newspaper reported on Saturday.
Eleven Swiss banks, including Credit Suisse and Julius Baer, are under investigation in the US for aiding American citizens suspected of dodging taxes.
In the latest bid to end the long-running dispute, Switzerland's Federal Council has now told banks to hand over e-mails connected with such clients to US prosecutors, the Tages-Anzeiger newspaper said.
This includes the names of employees and where applicable third parties, such as external wealth managers, lawyers and trustees, but not client data, the paper said.
It said Mario Tuor, a spokesman for the Swiss secretariat for international financial affairs, confirmed this in a statement. He could not immediately be reached for comment.
The US suspect tens of thousands of Americans have used Swiss banks to hide their savings away from the tax inspectors.
Switzerland is trying to get the probes dropped, in return for the payment of a hefty fine and the transfer of names of thousands of US bank clients. It is also seeking a deal to shield the remainder of its 300 or so banks from US prosecution.
In an interview published on Friday, Swiss Finance Minister Eveline Widmer-Schlumpf said she expects to clinch a solution with the US this year.
Eleven Swiss banks, including Credit Suisse and Julius Baer, are under investigation in the US for aiding American citizens suspected of dodging taxes.
In the latest bid to end the long-running dispute, Switzerland's Federal Council has now told banks to hand over e-mails connected with such clients to US prosecutors, the Tages-Anzeiger newspaper said.
This includes the names of employees and where applicable third parties, such as external wealth managers, lawyers and trustees, but not client data, the paper said.
It said Mario Tuor, a spokesman for the Swiss secretariat for international financial affairs, confirmed this in a statement. He could not immediately be reached for comment.
The US suspect tens of thousands of Americans have used Swiss banks to hide their savings away from the tax inspectors.
Switzerland is trying to get the probes dropped, in return for the payment of a hefty fine and the transfer of names of thousands of US bank clients. It is also seeking a deal to shield the remainder of its 300 or so banks from US prosecution.
In an interview published on Friday, Swiss Finance Minister Eveline Widmer-Schlumpf said she expects to clinch a solution with the US this year.
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