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2013 Swiss Bank Settlement News

December 6, 2013 - Swiss banks prepare to bow to U.S. demands, grudgingly
“It’s really an elaborate game theory going on right now,” said one U.S. lawyer working for Swiss banks.

December 2, 2013 -- Swiss Authorize Group of Banks to Cooperate With U.S.
“The Federal Council gave various banks authorization to cooperate,” the government in Bern said in a statement on its website today, without disclosing the number or names of lenders. Banks were “encouraged” to give “serious consideration to their participation in the program and to make their decisions in this regard in a timely manner,” it said.

September 27, 2013 - Swiss Banks to Receive No Credit for Customers Who Ent
"Banks won't get credit for people who did the right thing when the bank was not taking steps to make that happen," she said.

September 10, 2013- -Swiss bury tax fraud hatchet with US, but at what cost
The lower house of the Swiss parliament voted on Monday in favour of a law that will require Swiss banks to report the holdings of their current and future American clients to US tax authorities.

September 9, 2013 - Secret Swiss accounts no longer safe tax dodge
‘‘If someone had an account in Switzerland, it is beyond foolish to think that that account is going to remain secret,’’ said Keneally.

August 30, 2013 - DOJ Strikes Deal With Switzerland To Crack Down On Tax Ch
The settlement program will apply to about 100 second-tier Swiss banks, provided they agree to disclose certain previous hidden assets of U.S. customers. It will be open only to banks not already under U.S. criminal investigation.

August 29, 2013 - Federal Council gives go-ahead for finalising joint state
At its meeting today, the Federal Council discussed the proposal for resolving past issues in the tax dispute with the United States and gave its agreement in principle to the finalisation of a joint statement.

August 29, 2013 - Details surface of US Justice, Swiss banks deal (update)
The agreement nevertheless takes into account clearly detailed efforts by the bank to get the client to declare the assets to the IRS tax authorities.

August 29, 2013 - Swiss Agree on Program for Banks to Settle U.S. Dispute
The Swiss Finance Ministry has been instructed to complete work on a joint statement with the U.S., the Bern-based government said in an announcement today. “It shouldn’t be too long” before the statement is signed, Andre Simonazzi, a government spokesman, told reporters in the Swiss capital.

August 29, 2013 -- Banks back plan to end US tax evasion row
According to the Swiss newspaper Tages-Anzeiger and a journalists' conference call with a senior US Justice Department official, banks will pay fines of between 20 and 50 per cent of the assets they helped clients hide from the US tax authorities under the agreement.

August 28, 2013 - Switzerland Close to Resolving Undeclared U.S. Accounts
Switzerland is moving closer to an agreement with the U.S. to settle a dispute over banks including Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. (BAER) allegedly helping American clients avoid taxes.

August 23, 2013 - U.S. looks to turn the screw in Swiss banks talks
The United States is pushing Switzerland for a deal to settle a long-running dispute over banks that shelter tax evaders, a Swiss government source said on Thursday, ratcheting up the pressure after parliament rejected an accord in June.

July 22, 2013 - Julius Baer CEO Expects Swiss-U.S Tax Dispute Agreement
“I think we’re getting into the final chapter of discussions between the two governments,” the CEO of Switzerland’s third-largest wealth manager said at an investor presentation in Zurich today. “That should result in some kind of framework agreement.”

July 15, 2013 - Swiss banks seek permission to send data in U.S. probe-sour
Credit Suisse and Julius Baer are among five Swiss banks which have sought government approval to hand data to U.S.

July 12, 2013 - Swiss Banks Near Deal on U.S. Tax Cheats
A group of Swiss banks is lining up to deliver key information to U.S. authorities investigating tax evasion, potentially moving a long-running legal battle further toward a close.

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