U.S. Justice Department said on Thursday that it has with the Swiss government signed an agreement to allow some of the Swiss bank , in order to avoid or delay the prosecution stems from a long-running probe of tax evasion using Swiss bank accounts of Americans .
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 plan proposed elimination of U.S. tax evaders , tax lawyers and watchdog groups said on Thursday that its potential problems.
Under the scheme , eligible banks will pay a fine to the U.S. customer account information sources, in order to avoid prosecution , the department said in a statement .
"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 .
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 liquidation plan , "the gap , " particularly banks did not turn over the United States is able to solve the customer name , Lowe said. "This is definitely an open question ."
Severe punishment
According to the procedure of penalties sought a non-prosecution agreement , Swiss banks have agreed to a penalty equal to all hidden by the bank August 1, 2008 at the American client accounts for 20% of the total amount .
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 .
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 . "
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 include Credit Suisse (CSGN.VX), Julius Baer (BAER.VX), British HSBC Holdings (HSBA.L: Quote ) , privately held Pictet , and national support and regional banks Zuercher Kantonalbank Basler Kantonalbank (BSKP.S Switzerland arm ) .
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 or not this program will be a big step remains an open question ."



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