Time is running out for Swiss banks to sign up to a deal with the U.S. that would allow them to avoid prosecution by outing American tax evaders.
Bloomberg explained that
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The participating banks will categorize themselves, as the Wall Street Journal reported:
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Forbes adds that the banks “must reveal all cross-border activities and close the accounts of Americans evading taxes.”
According to reporting by Reuters, about 100 Swiss banks are expected to sign on to the deal, which has a Dec. 31, 2013 deadline.
Politico obtained documents showing that some banks had issued letters to their U.S. clients encouraging them to come clean on their own before the banks are forced to fork over the clients’ information under the terms of the deal.
From Politico:
“If someone had an account in Switzerland, it is beyond foolish to think that that account is going to remain secret,” Kathryn Keneally, assistant attorney general in the Justice Department’s tax division, said in September. “In the last five years, we’ve seen a remarkable change in our ability to get information concerning Swiss bank accounts. It’s extraordinary. Switzerland is no longer a good place to hide assets for tax reasons.”
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