In a dramatic reversal to its famous long-standing policy, the Swiss government has proposed changes to its bank secrecy laws to permit Swiss banks to hand over internal information to U.S. authorities. The change in law is intended to save Swiss banks from crippling punishments in the United States for helping wealthy tax cheats, though the Swiss banks still face fines likely to total billions of dollars. The law’s proposal comes after threatened U.S. prosecution forced Switzerland’s oldest private bank, Wegelin, out of business and costs to other banks, including giant UBS hundreds of millions of dollars.
U.S. taxpayers with offshore accounts, particularly with Swiss banks, should come forward now and make a voluntary disclosure of their accounts before Swiss bankers expose them to the IRS. For assistance in deciding the best way to come into compliance, contact Thorn Law Group today!
