Saturday, 25 October 2014

Swiss Banks Ask U.S. to Amend Proposed Tax Amnesty Deals - Bloomberg

Swiss banks seeking to avoid U.S. prosecution by disclosing how they helped Americans evade taxes asked the Justice Department this week to back off a dozen demands, including that they cooperate with other nations. 

Lawyers representing 73 Swiss banks wrote on Oct. 21 to object to terms of a proposed non-prosecution agreement that spells out how banks can achieve amnesty through a disclosure programannounced last year. The 11-page letter says the agreement "presents substantial obstacles" and suggests a wide range of changes to the model accord, including a requirement that banks "cooperate fully" with "any other domestic or foreign law enforcement agency" in any investigation.

http://www.bloomberg.com/news/2014-10-23/swiss-banks-ask-u-s-to-amend-proposed-tax-amnesty-deals.html






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