Swiss Banks Face Deadline For US Tax Evasion Program

Law360, New York (December 9, 2013, 2:08 PM EST) -- Swiss banks had until Monday to decide whether they are going to participate in a U.S. program that requires them to disclose their cross-border activities to avoid possible criminal prosecution for aiding American tax dodgers.

The Swiss Federal Department of Finance notified banks of the deadline in a letter back in August, a day after the program was announced jointly by Swiss authorities and the U.S. Department of Justice. Only Swiss banks not currently being investigated by the U.S. for criminal activity are eligible for the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.