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December 20, 2011updated 04 Apr 2017 3:44pm

US may offer amnesty to 11 Swiss banks, reports Swiss paper

Unconfirmed reports in the Swiss media says that 11 Swiss banks are being offered a deal by the US government to avoid criminal prosecution in exchange for revealing full details of their US clients’ offshore business.

By BBR Staff

According to the report, the banks will hand over, via the federal government, the names of bankers, correspondence with clients as well as a hefty fine in return the US government grant immunity from prosecution over helping clients avoid taxes.

This is a part of requests for administrative assistance between the Swiss government and the US authorities.

A similar agreement was signed between the US government and UBS in 2009 in which the bank revealed details of around 4,450 US clients and pay a US$780 million fine to end lengthy tax proceedings.

The banks under investigation and to benefit from this immunity include Credit Suisse, Julius Baer and Basler Kantonalbank, among others.

According to the report, the banks have until 20 December 2011 to accept the terms.

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