“The new deal comes after the Swiss parliament in June rejected an initial agreement, which would have temporarily lifted Switzerland’s long-sacrosanct banking secrecy, offering the banks a blanket one-year waiver to reveal details about accounts held by US citizens.  Many lawmakers were outraged that they were not being given access to the details inside, and also expressed concern that it breached Swiss sovereignty.  Instead of a blanket waiver of banking secrecy rules the new deal allows Swiss banks to apply on a case-by-case basis for government permission to cooperate with US investigators. The new deal also does not require parliamentary approval.”

http://www.thelocal.ch/20130828/swiss-unveil-new-plan-to-end-us-tax-dispute

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