A group of Swiss banks will offer key information to U.S. investigators looking into tax evasion, the Wall Street Journal reports.
Under the new program set up by the Swiss cabinet, banks will give aggregated data that can pinpoint American client accounts transferred once authorities began probing overseas tax evasion.
Some of the country’s biggest banks, including Credit Suisse Group and Julius Baer Group AG are eligible to apply or already have applied for Swiss government approval to participate, according to people familiar with the situation. Agreements between the banks and U.S. authorities are possible in the coming weeks, these people say.
In 2009, the U.S. hit another Swiss bank, UBS, with a $780 million fine and took information on derelict depositors. The agreement meant the bank avoided criminal charges.
Sources told the Journal that Credit Suisse and other Swiss banks are nearing their own settlements and have set aside cash in anticipation.
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