Lawyers representing 73 Swiss banks seeking to avoid a tax-evasion probe by the US have asked the US Department of Justice to revise about a dozen demands set out in the proposed non-prosecution agreement with the US government.
The agreement highlights how banks can secure amnesty by disclosing how they helped Americans evade taxes.
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US, in recent times, has ramped up its efforts to restore the unaccounted money of wealthy individuals in Swiss banks by threatening them with possible prosecution and fines, and offset the challenge of tax evasion by individuals.
Over 100 Swiss banks joined the disclosure program in December, which enabled them to pay fines and avoid US prosecution.
However, according to a letter sent by the lawyers of the Swiss banks, the agreement had several obstacles which included issues to "cooperate fully with . . . any other domestic or foreign law enforcement agency designated by the department".
"This requirement is not found in the Program and, indeed, turns a Program specifically focused on US tax issues into a global cooperation agreement without any safeguards or guarantees of appropriate consideration of the banks’ cooperation," adds the letter.
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By GlobalData
