Three More Swiss Banks Join U.S. Tax Deal

Reuters.com

“Three more Swiss banks said they would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts, a trickle that could rise to about one third of the country’s private banks.

The number that participate in the government-brokered scheme is important for larger banks facing criminal investigations in the United States, such as Credit Suisse, Julius Baer and Pictet & Cie.

These banks’ talks with U.S. justice officials to settle their cases have been frozen pending a solution for the wider Swiss banking sector.

If the U.S. deems its deal with Switzerland a failure because too few banks come forward to make amends for aiding tax evasion, it is likely to hold up settlements for the larger banks.”

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