Economy

xchrom

(108,903 posts)

25. A Growing List Of Swiss Banks Are Joining The US Tax Crackdown

Fri Dec 27, 2013, 09:20 AM

Dec 2013

http://www.businessinsider.com/swiss-banks-joining-us-tax-crackdown-2013-12

ZURICH (Reuters) - A host of Swiss banks have signaled their readiness to work with U.S. officials in a crackdown on wealthy Americans evading taxes.
Many more are expected to follow in the coming weeks, as Switzerland's cherished bank secrecy slowly gets wound back.

The program requires the banks to hand over some previously hidden information and face penalties equivalent to up to 50 percent of the assets they managed on behalf of wealthy Americans.

The number that join this scheme is key for larger banks facing criminal investigations, so-called category one banks, in the United States, such as Credit Suisse, Julius Baer and Pictet & Cie.

Read more: http://www.businessinsider.com/swiss-banks-joining-us-tax-crackdown-2013-12#ixzz2ogI5Q7RJ

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STOCK MARKET WATCH -- Friday, 27 December 2013 [View all] Tansy_Gold Dec 2013 OP

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