Swiss Gov't Reveals Plan For Banks To Share Info With US

Law360, Chicago (July 3, 2013, 8:05 PM EDT) -- Switzerland's Federal Council on Wednesday unveiled a new framework to allow the country's banks to cooperate with U.S. authorities hoping to root out tax evaders, relying on existing law after legislation aimed at the same problem stalled.

At a meeting in Bern, the council — whose seven members make up the Swiss executive branch — laid out the so-called "parameters for cooperation," which will give Swiss banks the option to individually request permission to share account information with U.S. investigators, according to a statement.

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