The U.S. and Switzerland have agreed to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their U.S. Customers. This includes 100 banks which may have to disclose previously hidden information.
UBS Switzerland’s largest bank reached a $780 million settlement with U.S. authorities in 2009 after admitting it sheltered U.S. tax evaders giving over information on 14 other banks.
Several banks said they are preparing info on client withdrawals demanded by the Department of Justice after the Swiss government said it would allow them to circumvent secrecy and privacy laws to do so.
