“FATCA only addresses current and future accounts held by Americans, but Bern also recently agreed to a controversial deal focused on making amends for past wrongdoings by the banks. That deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay ‘substantial fines’, and provide details on US citizens’ accounts, including the sources and destinations of funds transferred to and from the accounts. The agreement, which is expected to erode Swiss bank secrecy laws, has come under widespread criticism, tempered by recognition that without a deal the country’s all-important financial sector could lose access to the US market.”
http://www.thelocal.ch/20130909/swiss-mps-endorse-us-tax-compliance-deal
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