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U.S. sets ultimatum in Swiss bank tax dispute - reports

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 06:25 AM
Original message
U.S. sets ultimatum in Swiss bank tax dispute - reports
http://uk.reuters.com/article/2011/09/04/uk-switzerland...

(Reuters) - The United States has written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse (CSGN.VX) and nine other banks face charges, newspapers reported on Sunday.

The letter, quoted by two Swiss Sunday papers, was sent by U.S. Deputy Attorney General James Cole on August 31 and demands detailed figures on tax evasion at Credit Suisse by Tuesday and also seeks information from nine other smaller Swiss banks.

In the letter, Cole demands that Switzerland quickly deliver a significant number of client accounts, the SonntagsZeitung reported, adding that U.S. authorities are also ready to examine a Swiss offer to settle the dispute.

Mario Tuor, a spokesman for the Swiss department for international financial affairs, would only say that Switzerland was in contact with the United States but declined to comment on the letter.
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DFW Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 06:38 AM
Response to Original message
1. Cole will probably be disappointed if he gets what he wants
For many years now, Switzerland has been politely but firmly telling private American citizens
whose permanent residence is not in Switzerland to close all bank accounts and safe deposit
boxes and take their business elsewhere. Wherever these guys have their money stashed, it's
very likely to be somewhere other than Switzerland for most of them.
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hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 09:01 AM
Response to Reply #1
2. And this will give those who didn't listen before
enough time to do it now.
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DFW Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 01:09 PM
Response to Reply #2
3. If there are any left
I have some Swiss friends, and they told me the banks there were VERY forceful in telling
all private non-resident Americans to close their accounts in Switzerland a few years ago.
"We don't care what you do with your money, just get it the hell out of our bank." (put in
slightly politer terms, I assume).
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