Swiss Banks To Disclose Info On US Citizens' Accounts

Law360, New York (February 14, 2013, 6:22 PM EST) -- U.S. officials scored a big win in their pursuit of American tax evaders when Switzerland on Thursday agreed to implement a tough law requiring Swiss banks to turn over information about accounts held by U.S. citizens.

Switzerland and the U.S. government entered into a bilateral agreement implementing the tough rules of the Foreign Account Tax Compliance Act, using a so-called "model two" approach that will require Swiss banks to directly report on U.S. account holders directly to the Internal Revenue Service.

"Today's announcement marks a significant...
To view the full article, register now.