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U.S. Reaches FATCA Plan with Switzerland, Japan
By Brian Monroe
printThe United States disclosed a plan Thursday that would allow Switzerland and Japan to comply with a controversial U.S. anti-tax evasion law despite bank secrecy controls in the countries. Under the arrangement, Switzerland and Japan will authorize financial institutions to directly report to the U.S. Treasury Department on their American clients, provided that the customers permit them to do so. Swiss and Japanese banks would disclose the existence of noncompliant accounts in cases when customers don't consent, clearing the way for U.S. officials to obtain the data via existing bilateral treaties. The plan, which is expected to bring most banks...
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Credit Suisse is unlikely to turn over the names of some suspected tax cheats even if the United States adopts a pending bilateral tax agreement with Switzerland, bank representatives told lawmakers Wednesday.
As a long-negotiated U.S.-Swiss tax settlement inches forward, some banks in Switzerland are asking themselves an unlikely question: can we disclose more?
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