U.S. Department of Justice and the Swiss government signed an agreement to allow some of the Swiss bank to pay a fine in order to avoid or delay the prosecution of tax evasion from the Swiss bank accounts of Americans with a long-running probe .
Solutions will apply to about 100 second-tier Swiss bank , they agreed to disclose certain U.S. customers previously hidden assets. It will not only open to banks in the U.S. criminal investigation.
The agreement is in the United States a three-year effort to pierce Swiss bank secrecy shroud a step forward , but some of the details of the program and enhance its potential problems eradicate American tax evaders , tax lawyers and watchdog groups say .
Under the scheme , eligible banks will pay a fine in order to avoid prosecution , customer account information to U.S. sources, the department said on Thursday.
"The program provides detailed requirements for Swiss bank account information will enhance our ability to put taxpayers' money to the U.S. Treasury from around the world , " Attorney General Eric Holder said in a statement .
Swiss government said in a statement , said the deal provides a framework for cooperation , while respecting the Swiss legal system and sovereignty.
By the United States Attorney has investigated 14 Swiss banks are excluded from the program , the Justice Department said. The program is not available to individuals.
Department of Justice before tax crackdown some critics welcomed the settlement process.
" Overall this is a very forceful agreement , anti-corruption watchdog Global Financial Integrity, Lowe , director of government affairs , said:" Heather .
Nevertheless , the settlement procedures "gap" , especially banks do not roll over the United States can solve customer name , Lowe said. "This is definitely an open question ."
Severe punishment
According to the procedure of penalties, the Swiss banks have agreed to seek non-prosecution agreement to all hidden by the bank August 1, 2008 at the American client accounts for 20% of the total amount of penalty equal.
This is about when the United States began to combat tax avoidance secret Swiss accounts of Americans .
Fines increased to 30% , then to 50% , depending on how active banks continued repression after the Americans opened secret accounts .
Swiss Bankers Association (SBA) in a statement said, " especially in the legally acceptable , economically sustainable level of the upper end of the penalty ."
"It is, however, the only remaining solution that enables banks to solve the legal problems with the United States concluded that the establishment of legal certainty ."
SBA also marks what is called " in the program, some of the ambiguities ," which would require the U.S. Department of Justice and the discussions between banks , so that banks embodiment .
To decide whether to participate in the program , the Swiss banks will need to weigh the potential penalty cost relative to the United States the risk of prosecution , tax lawyers said.
"This is between two evils choose the boss , tax lawyer with Poledna boss Kurer AG in Zurich , said:" Walter . "If they do not cooperate with the United States , the United States might sue them ."
Wegelin & Co is one of the oldest Swiss private bank , said earlier this year , will close after the U.S. indictment .
The program also requires cooperative banks prosecutor told the Americans to leave Switzerland and the assets are transferred to other tax havens .
Although the Justice Department refused to disclose that it is investigating the Swiss bank , known as the United States faces a number of probes. These measures include Julius Baer Credit Suisse (Credit Suisse), the British HSBC, Switzerland arm , privately held Pictet , and state-sponsored regional banks Zuer cher Kantonalbank and Basler Kantonalbank.
Some of these banks have said they are preparing the information for customer withdrawals required by U.S. investigators , the Swiss government said it would allow them to circumvent confidentiality and privacy laws to do so.
"America's ultimate goal is tax-free money into the tax system , " said Jeffrey Neiman , a former federal prosecutor involved in the investigation other Swiss banks who are now in Fort Lauderdale , Florida , in private law practice .
"Whether this will be a big step forward is still an open question ."



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