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Disclosure of actual client names and account data, which American authorities have been aggressively seeking, would take place under a taxation treaty between the two countries that the American side has not yet ratified. Banks under criminal scrutiny that agree to cooperate with the decision could still face deferred-prosecution or nonprosecution agreements, a lesser punishment than indictment.
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The decision also requires Swiss banks that cooperate with the Justice Department to protect their bankers and employees from, among other things, being fired for cooperating. American authorities have indicted more than two dozen Swiss bankers, lawyers and financial advisers in recent years.
Do Have
Unreported Income From a Swiss Bank?
Secret Foreign Investments Keeping You Awake at
Night?
Want to get right with the
IRS?
Contact the Tax
Lawyers at
Marini & Associates,
P.A.
Source:
The New York Times
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