“Three Swiss banks have agreed to participate in a U.S. disclosure program aimed at lenders suspected of aiding tax evasion by Americans. Swiss banks had until Monday to tell the Swiss Financial Market Supervisory Authority, the country’s banking regulator, if they would participate. The first deadline for the banks to notify U.S. authorities of their intentions falls at the end of the month. The program is a key element in a U.S. effort to sidestep Switzerland’s bank-secrecy laws. The program has met resistance from Switzerland’s financial sector, which has complained of the cost of complying, particularly for the country’s hundreds of small and medium-size banks.”
http://www.marketwatch.com/story/swiss-banks-agree-to-us-plan-on-tax-evasion-2013-12-10-194855051
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