U.S. stepping up the fight with the Swiss bank

 

The U.S. authorities have filed requests for legal assistance identifying former U.S. clients suspected of tax evasion Swiss private bank Wegelin.

This is the fourth time the Swiss credit facilities received such a request. Earlier, the bank UBS, Credit Suisse and Julius Baer have received similar requests of Washington.

On 14/6, Wegelin which has announced it will shut down earlier this year, confirmed the information received about the agency informed of the Swiss Federal Tax must comply with the requirements of the United States, based on an agreed tax agreement in 1996. An official of the bank said Wegelin will submit the necessary information.

This time the U.S. focus on Wegelin's former clients accused of tax fraud and benefit from the asset management companies in the period 2002-2012.

Experts said that the upcoming U.S. will continue to investigate and to specifically target a dozen Swiss banks anymore.

Swiss Senate on 12/6 was officially voted in favor of a secret agreement between the U.S. and the country called "Lex USA" to resolve legal scandals in the banking sector. However, the Swiss House of Representatives will discuss controversial issues in the coming weeks.

Late last May, the Swiss government signed an agreement acceptable to share secret information of bank customers for Washington. It is expected that this agreement will take effect at the beginning of next July, but details of the deal were not disclosed until the Swiss Parliament passed.

Currently, the U.S. tax authorities have access to many new records declarations of U.S. citizens to send money in Switzerland, and promote legal surveys.

The U.S. Justice Department is also conducting settlement with Swiss banks are suspected of violating U.S. law. Meanwhile, the Swiss banks have no choice but to give in to the U.S. demands.