Swiss Banks Agree To Help US In Tax Evasion Crackdown

About 100 Switzerland banks have agreed – under threat of prosecution – to help the U.S. root out tax evaders. The Tax Justice Network estimates the U.S. loses $300 billion a year from wealthy individuals storing money in offshore banks. Under the agreement, if Swiss banks are discovered to have aided in evasion, they have agreed to hand over information and pay a fine of up to 50 percent of the money they are holding for guilty clients. But banks that don’t cooperate will face stiffer penalties, including the threat of criminal charges and having their right to do business with the U.S. revoked.