Account Holders Uneasy As Swiss Banks Weigh US Tax Plan

Law360, New York (December 17, 2013, 3:32 PM EST) -- Hundreds more Swiss banks have only until Dec. 31 to sign nonprosecution agreements with the U.S. Department of Justice, leaving their account holders unsure whether to disclose their secret foreign holdings, one attorney said on Monday.

So far, five Swiss banks have agreed to disclose the identities and holdings of their American clients in the Justice Department’s reinvigorated siege on tax evaders. If a customer’s bank commits to the program and the customers themselves do not, the customers could face criminal charges for tax evasion, Sanford...
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