Tag Archive for Swiss Government

Switzerland Is Publishing The Names of Foreign Tax Evaders!

According to Forbes the Swiss government and hundreds of Swiss banks are publishing the names of foreign tax evaders.

Some observers are calling this the real and final end of Swiss bank privacy tradition, which mostly dates to the 1930s. Deutsche Welle has cited the Swiss media Sonntagszeitung for the news, saying that the Swiss government will list the names, birth dates and nationalities of alleged tax evaders in its federal newspaper.

The data will be publicly available on the Internet, which will allow the people on the list to protest the publication in court.

With around 120 prosecutions and tens of thousands of Americans stepping forward to Read more

The Swiss Government Released Q&A’s On Automatic Exchange of Information

Friday, October 10, 2014, we posted Swiss Consider Automatic Exchange of Information Pursuant to Model 1 FATCA Agreement! where we discussed that the mandates definitively adopted by the Federal Council are:

1. The introduction of the automatic exchange of information is to be negotiated with the EU.

2. Regarding implementation of the Foreign Account Tax Compliance Act (FATCA), a Model 1 FATCA agreement should be with negotiated with the United States. With the new agreement, data would be exchanged automatically between the competent authorities on a reciprocal basis. Read more

Swiss Banks To Turn Over Information To IRS!

iStock_Swiss-Bank-VaultXSmallThe Swiss government has cleared the way for a dozen banks to turn over client data to the IRS despite an earlier ruling from Switzerland’s Federal Supreme Court.

Although the IRS pushed the implementation of certain FATCA key deadlines from January 1st to July 1st, 2014, as we posted in IRS Delays FATCA Registration for Six Months, several Swiss banks are ready to turn over their records over to the IRS.

The Swiss Federal Court has dismissed protests by American clients of Credit Suisse that their account data should not be disclosed to the US Internal Revenue Service (IRS).

The IRS and Justice Department have become very adept at finding unreported offshore accounts. By targeting banks and individual bankers, the IRS is often able to leverage the threat of jail in return for cooperation and the release of customer records. The IRS also has several other tools in its arsenal.

On Tuesday, June 18, 2013, we posted DOJ Requests Identification of US Depositors in Bank Weglin – Time To Come Clean? where we discussed that the US Department of Justice has submitted another administrative assistance request to the Swiss authorities, this one demanding the identification of American clients of the private bank Wegelin who were beneficiaries of asset management companies between 2002 and 2012. Read more

Switzerland Banks Now Permitted To Disclose Hidden Client Accounts!

The Swiss government said on May 29, 2013 that it would allow its banks to disclose information on American clients with hidden accounts, a watershed move intended to help resolve a long-running dispute with the U.S. over tax evasion. Disclosure of actual client names and account data, which American authorities have been aggressively seeking, would take place under a taxation treaty between the two countries that the American side has not yet ratified. Banks under criminal scrutiny that agree to cooperate with the decision could still face deferred-prosecution or non-prosecution agreements, a lesser punishment than indictment.

American clients whose names are handed over by Swiss banks but who have not voluntarily disclosed hidden accounts to the IRS would probably face criminal tax-evasion charges, lawyers said. Dozens of Americans have been indicted or charged in recent years for failing to disclose their accounts.

The decision also requires Swiss banks that cooperate with the Justice Department to protect their bankers and employees from, among other things, being fired for cooperating. American authorities have indicted more than two dozen Swiss bankers, lawyers and financial advisers in recent years.

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