Switzerland proposed a bill that it says will provide the legal basis for the country's banks, including Credit Suisse Group AG and Julius Baer Group Ltd., to resolve a tax-evasion dispute with the U.S.
The bill authorizes Swiss banks to cooperate with U.S. authorities and transfer information while safeguarding their interests, the government in Bern said in a statement today. The Swiss Parliament will consider the bill as soon as next week, and it could come into force on July 1.
"The urgency is due to the fact that the United States is unprepared to wait any longer with the arrangement for the past for Swiss banks," the government said. "If a solution is not found soon, Switzerland risks further escalation."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
