“The deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay ‘substantial fines’, disclose all of their cross-border activities, provide details on the accounts of US citizens, and give information on the sources and destinations of transferred funds in relation to secret American accounts.  Each bank will set its own non-prosecution agreement or deferred-prosecution agreement with the US authorities under those terms.  The fines will be assessed at 20-50 percent of the aggregate value of any undeclared accounts held by Americans, depending on the time they accounts were open — before 2009 or since then.”

http://www.thelocal.ch/20130830/swiss-banks-set-to-pay-hefty-fines-under-us-tax-deal

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