Switzerland has taken a decisive step to resolve its dispute with the US over tax evasion, unveiling plans to relax its once-untouchable bank secrecy laws to allow banks to make individual settlements with the US over their role in helping Americans evade taxes.
Since Switzerland’s biggest lender, UBS, admitted in 2009 it had helped thousands of clients avoid paying US taxes, US authorities have been investigating other Swiss banks they believe may have offered similar services, including Julius Baer and Credit Suisse.
Until now, however, Switzerland’s bank secrecy laws have prevented its banks complying with US requests for information about their US activities, stymieing any settlements.
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