American justice still investigating Swiss banks

 

So far, fourteen institutions, including Credit Suisse and Julius Baer, are within the scope of an investigation conducted by U.S. authorities, who suspect the banks to have helped their wealthy American clients to avoid the tax. ”We are committed not to add other banks on the list of fourteen until the end of the year. But we are still investigating “, said Kathryn Keneally, Vice-Minister of Justice states-wing, in an interview with the two Sunday papers Sunday Morning and the weekly SonntagsZeitung.

Switzerland signed at the end of August an agreement with the United States that aims to put an end to the tax dispute plaguing relations between Bern and Washington for several years. Banks wishing to participate in the proposed regularization program in this agreement have until 31 December 2013 to submit data to the U.S. authorities to clarify their position regarding their relationships with their American customers.

“MODEL-BASED TAX EVASION”

This program should allow these banks to escape to lawsuits, with heavy fines. “If we get information from banks that cooperate, we will know more about other banks, said Kathryn Kennelly. Since some time, we have more and more sources of information on the Swiss banks. ”

Fourteen banks within the scope of an investigation are excluded regularization program and must negotiate individually with the U.S. authorities. Returning to the banks that are able and willing to participate in the regularization program, the vice minister of American justice reminded that fines are proportionate to the degree of guilt.

“We believe this is fair play We fully respect the role of Switzerland in the world of global finance, M assures me Keneally in the Sunday Morning . But it is difficult to meet as its business model is based on tax evasion by Americans. “

American justice still investigating Swiss banks