U.S. sets ultimatum in Swiss bank tax dispute - reports

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http://uk.reuters.com/article/2011/09/04/uk-switzerland-usa-tax-idUKTRE7830J220110904

(Reuters) - The United States has written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse (CSGN.VX) and nine other banks face charges, newspapers reported on Sunday.

The letter, quoted by two Swiss Sunday papers, was sent by U.S. Deputy Attorney General James Cole on August 31 and demands detailed figures on tax evasion at Credit Suisse by Tuesday and also seeks information from nine other smaller Swiss banks.

In the letter, Cole demands that Switzerland quickly deliver a significant number of client accounts, the SonntagsZeitung reported, adding that U.S. authorities are also ready to examine a Swiss offer to settle the dispute.

Mario Tuor, a spokesman for the Swiss department for international financial affairs, would only say that Switzerland was in contact with the United States but declined to comment on the letter.

[DFW]

1. Cole will probably be disappointed if he gets what he wants

For many years now, Switzerland has been politely but firmly telling private American citizens
whose permanent residence is not in Switzerland to close all bank accounts and safe deposit
boxes and take their business elsewhere. Wherever these guys have their money stashed, it's
very likely to be somewhere other than Switzerland for most of them.

[hughee99]

2. And this will give those who didn't listen before

enough time to do it now.

[DFW]

3. If there are any left

I have some Swiss friends, and they told me the banks there were VERY forceful in telling
all private non-resident Americans to close their accounts in Switzerland a few years ago.
"We don't care what you do with your money, just get it the hell out of our bank." (put in
slightly politer terms, I assume).