Switzerland Signs Joint Statement With The US
Swiss Banks Meet Deadline For Cooperation With The US: In August of 2013 Switzerland signed a joint statement with the US declaring a program. According to this program, suitable Swiss banks that wish to find out of court solutions to settle past “cross-border criminal tax violations”, they are provided with a scheme that allows them to offer their cooperation.
Tax Agreement Between Switzerland and the USA
A model order and direction note were given by the Swiss Federal Department of Finance which will let Swiss Banks to collaborate with the Department of Justice and complete the demands of the program. The tax department of the Department of Justice made a commitment not to allow any kind of official investigations of any other Swiss banks before the expiration of the program’s deadline by the end of 2013.
According to this program, every cooperating bank needs to provide exact information regarding other banks that transferred money into secret US bank accounts or that approved the deposition of money in bank accounts that were closed. If a bank wishes to cooperate is free to do so before the expiration of the deadline under the condition that no information was received from others did not make its cooperation impossible and inappropriate. There is also a very good chance for the bank that doesn’t come forward in due time and before the deadline expires, to be “exposed” by information given by others and could become a target and also prosecuted.
The program is being promoted by the Department of Justice to the Swiss banks and is suggested to join it. If they do join the program there is an additional term to be followed. The banks that receive non prosecution agreements to give full information about accounts if a US taxpayer has any kind of interest in, they cooperate in treaty demands for providing account information and accept to close down bank accounts of holders of such bank accounts who are in direct violation of the reporting obligations by the US. Such banks will also be obligated to pay fines.
The banks that are already being investigated have been informed that they are explicitly excluded. The program only involves banks and not Individuals who must deal with any liability independently.