Switzerland Proposes Deal for Banks to Resolve U.S. Dispute

Bill headed to Swiss parliament would allow Swiss banks to share information on business relationships with the IRS.

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.

Fines Undecided

Julius Baer, Switzerland’s third-largest wealth manager, informed some American clients this month that their accounts meet the criteria of a U.S. request for data, the Zurich-based bank wrote in a letter obtained by Bloomberg News.

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