“About a hundred Swiss banks will avoid prosecution by divulging the names of US clients who have allegedly avoided tax by using secret accounts. The banks could face fines of up to 50 percent of the asset value if they provide full disclosure.  Under the deal, each bank will set its own non-prosecution or deferred-prosecution agreement with the US authorities.  The fines are set to reach up to 50 percent of the aggregate value of any undeclared accounts held by wealthy Americans, depending on the time the accounts were opened. Swiss banks will have to assess the cost of potential penalties versus the risk of US prosecution.”

http://rt.com/business/swiss-banks-disclose-assets-196/

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