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Switzerland’s New Plan to Share Data with U.S. Will Face Strong Resistance Too
By Colby Adams and Brian Monroe
printAn expected pitch Friday by Switzerland's executive branch to clear the way for banks to share data with the United States is likely to face stiff domestic challenges, say Swiss attorneys. On Wednesday, the National Council of the Swiss Federal Assembly voted 123-63 against a measure that would've allowed at least 14 Swiss financial institutions to reveal the extent of their U.S. cross-border banking business to the Justice Department and pay as much as $10 billion in fines in efforts to avoid indictments for helping Americans evade income tax. Though the vote seemingly killed the possibility of a legislative mandate...
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