No More Swiss Bank Secrets
The legend has always been that Swiss Bank accounts were thee place to hide your money. That may not be such a smart plan anymore.
Credit Suisse will hand over details of wealthy Americans with hidden Swiss accounts to the Swiss government, bringing U.S. authorities one step closer to obtaining names of alleged tax cheats.
The bank said on Tuesday it was complying with a request from the Swiss government for account information after U.S. authorities requested Switzerland's help in catching Americans suspected of tax fraud.
The move helps bring closure to many years of negotiations.
The Swiss government has been in talks with U.S. authorities for months to secure a deal that would end investigations into U.S. clients at 11 Swiss banks in return for payment of fines and the transfer of names of clients suspected of evading taxes.
Switzerland managed to strike a deal with the U.S. authorities in 2009 for UBS, which involved UBS paying a fine of $780 million, allowing it to avert criminal charges. It later also revealed details of around 4,450 clients.