About 60 Swiss banks have agreed to sign up for a US tax program and work with the officials over a crackdown on wealthy Americans evading taxes.
The development comes as the US Department of Justice had set a timeline of up to 2013-end for the banks to participate in the program.
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In August 2013, the US and Switzerland signed a deal to allow some of the Swiss banks to pay fines to avoid criminal prosecution.
The deal allows the banks to reduce their criminal liability to a civil offence and pay a financial penalty.
Swiss banks were asked to categorize themselves into four categories based on the exposure they had to American clients.
The first group includes UBS, Credit Suisse, Julius Baer, Pictet and the Zurich and Basel cantonal banks as well as Swiss subsidiaries of foreign banks.
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By GlobalData
