“Switzerland and the United States have signed a controversial deal aimed at cracking down on wealthy American tax dodgers. The accord further undermines Switzerland’s tradition of banking secrecy. Finance Minister Eveline Widmer-Schlumpf told a news conference that Switzerland had decided to agree to a bilateral deal with the Internal Revenue Service (IRS) which allows for certain exceptions, notably for the Swiss insurance sector, pension funds and the Swiss National Bank. Swiss banks active in international financial markets have no choice but to apply the US rules, according to Widmer-Schlumpf.”
http://www.swissinfo.ch/eng/politics/Tax_compliance_deal_signed_with_US.html?cid=34978646
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