Swiss Cabinet sets terms for banks to deal with US

GENEVA (AP) - The Swiss Cabinet has agreed to let banks make individual deals on turning over confidential client data to U.S. authorities without facing criminal sanctions under Swiss law.

The seven-member council said in a statement Wednesday that the agreement sets "parameters for cooperation" so that Swiss banks can cut deals to avoid U.S. charges for shielding tax cheats.

But it said the data "can only be supplied within the scope of existing agreements with the U.S.A. in the area of double-taxation via administrative assistance."

Last month, Switzerland's lower house of parliament rejected a proposal from Finance Minister Eveline Widmer-Schlumpf and the rest of the Cabinet to relax secrecy laws, despite the upper chamber's approval.

The Swiss Bankers Association said it welcomed the Cabinet's move because it "will finally create legal certainty."


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Broken Record
    Kansas City fans reclaim the world noise record from Seattle

  • Another Way Across
    A group is pushing for a third route across Lake Washington for light rail

  • 9-Month Closure
    Businesses on the Seattle waterfront hope to survive a long upcoming closure
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.