Lifting the veil of secrecy over wealthy U.S. tax dodgers

Switzerland Weighs Deal in Tax Cases

By LYNNLEY BROWNING, NYT

The Swiss government is considering a proposal to disclose bank client names and pay a multibillion-dollar fine to the United States to help resolve a long-running dispute between the two countries over the handling of tax-evasion cases, American and Swiss sources briefed on the matter said on Tuesday.

The fine, which could reach at least $7 billion to $10 billion according to these people, could be paid in part by the Swiss government, which would then seek reimbursement from the banks.

The possibility of an agreement is a turning point in a deepening conflict between Switzerland and the United States over the matter.

American prosecutors have been conducting criminal investigations of about a dozen Swiss and Swiss-style banks involving offshore private banking services that allowed at least tens of thousands of wealthy Americans to evade federal taxes. The Swiss government, which has long prized the secrecy of its banking system, now appears to be willing to cooperate with authorities, one person said.

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