Swiss banks close to deal on US tax information

12 July 2013

A collection of Swiss banks is set to deliver key information to US authorities in order to bring a long-drawn out legal battle towards an end.

The Wall Street Journal reports the institutions are working with the officials who are investigating tax evasion.

Around a dozen Swiss banks are under scrutiny from the US Justice Department and the government in Switzerland has revealed a programme to allow them to deliver information on the bank accounts held by US clients that had been transferred to other banks.

Overseas tax evasion is a growing problem for the US and is something it wants to crack down on, this aggressive movement is further evidence of this. It is seen as a big step as Switzerland's banking system is notoriously private.

As a part of this scheme, the institutions would deliver aggregate data on accounts that may be used to identify those evading tax to US authorities.

By Claire Archer

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