Swiss Pay $1.6B To UK, Austria Over Untaxed Assets In Banks

Law360, New York (November 1, 2013, 2:22 PM EDT) -- Switzerland's tax authority announced Friday that it has transferred a total of $1.6 billion to the United Kingdom and Austria since July, when it began accounting for untaxed assets held in Swiss bank accounts under a deal between the countries.

The latest numbers released by the Swiss Federal Tax Administration also show a marked increase in voluntary disclosure of account holder information to the British government, with almost 10,000 previously unnamed Swiss bank account holders revealing their identity in October alone.

Under the deal inked last...
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