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.htmlDisclaimer: This blog and website are public sources of general information concerning our firm and its lawyers, as well as the information presented. They are intended, but not promised or guaranteed, to be correct, complete, and up-to-date as of the date posted. This blog and website are not intended to be, and are not, sources of legal opinion or advice. The materials, information, and communications on this blog and website do not apply to any particular person, entity, or situation, and do not apply to you or to your specific situation. You will need to consult with an attorney and/or other appropriate professional about your specific situation. Thank you.