A solution to the tax dispute between Bern and Washington needs more time, but negotiations “have made solid progress”, according to the Swiss finance minister.
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Eveline Widmer-Schlumpf told Swiss radio on Saturday that the cornerstone of an agreement had been negotiated, but several more meetings would be necessary.
Widmer-Schlumpf, who assumes the rotating presidency for 2012, didn’t want to discuss any details, such as payments by the banks involved.
But Switzerland would ensure, she added, that “the banks, which are affected, are held responsible”.
Earlier in the month, newspapers reported that 11 Swiss banks must hand over thousands of client names and pay billions in fines to avoid tax evasion prosecution in the United States.
The Swiss authorities had hoped to negotiate a catch-all civil settlement that included all Swiss banks. But those hopes appear to have been dashed by the Department of Justice’s determination to pursue criminal probes into the 11 worst offenders.
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Pieces fall into place in tax evasion jigsaw
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It was announced on Monday that Credit Suisse had settled with the Public Prosecutor’s Office in Dusseldorf, Germany (to the tune of €150 million or SFr180 million) to avoid tax evasion proceedings against its employees in Germany. The deal was made public only two days before the signing of a withholding tax settlement between Germany…
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Swiss newspapers claim the deadline for the US ultimatum passed on Tuesday night. However, banks are keeping tight lipped over claims that they would also have to provide all correspondence with offshore clients over the past 11 years. The Department of Justice (DoJ) has been steadily closing a net around Swiss banks ever since UBS…
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His journey takes us to the heart of a $7,000 billion secret. The Swiss hold a third of all global offshore assets, shored up by conservatism and strict banking secrecy laws. With half of this market, just two banks – UBS and Credit Suisse – dominate the heart of the banking sector.
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