Swiss Banks Agree to Turn Over Bank Account Information

The U.S. Department of Justice has announced a program pursuant to which Swiss banks can turn over detailed information about their U.S. account holders in return for agreements that the banks will not be criminally prosecuted by U.S. tax authorities. Under the program, banks must disclose their cross-border activities and disclose accounts in which U.S. taxpayers have an interest. The banks must also cooperate with requests for account information and close accounts of account holders who fail to comply with U.S. reporting obligations.

The joint statement is at http://www.justice.gov/opa/pr/2013/August/13-tax-975.html

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Roger Royse
rroyse@rroyselaw.com

Roger Royse, the founder of the Royse Law Firm, works with companies ranging from newly formed tech startups to publicly traded multinationals in a variety of industries. Roger regularly advises on complex tax structuring, high stakes business negotiations and large international financial transactions. Practicing business and tax law since 1984, Roger’s background includes work with prominent San Francisco Bay area law firms, as well as Milbank, Tweed, Hadley and McCloy in New York City. Read My Full Bio

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