Around 10 Swiss banks have reportedly decided to withdraw from the US Justice Department’s tax disclosure program, which is aimed at resolving tax dispute between them and the United States.
"At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision," reported Swiss newspaper NZZ am Sonntag.
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Reuters quoted the newspaper saying that the banks were certain they had not systematically broken US law.
However, US Department of Justice, which was actually surprised to see the banks joining in the program, did not turn down to the banks leaving the program.
In December 2013, around 100 Swiss banks have agreed to work with US officials as part of a crackdown on wealthy Americans who evade paying tax on money hidden in Swiss banks accounts.
Recently, VP Bank’s Swiss unit has decided to withdraw from the US Justice Department’s tax disclosure program.
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By GlobalDataAround a dozen Swiss banks under criminal investigation in the United States for allegedly helping wealthy Americans evade taxes.
