![](https://1.bp.blogspot.com/-ogvjZK7TLgw/UL5KolojzrI/AAAAAAAABAQ/3VDXDBTIkFI/s1600/Swiss.jpg)
The agreement, which will come up for final government approval in January, would reconcile Swiss secrecy rules with U.S. disclosure demands under the Foreign Account Tax Compliance Act (FATCA) enacted in 2010.
The act requires foreign financial institutions to tell the U.S. Internal Revenue Service about Americans' offshore accounts worth more than $50,000.
Widmer-Schlumpf denied a link between initial agreement on FATCA and separate, ongoing discussions aimed at ending U.S. probes into 11 banks suspected of helping clients dodge U.S. taxes with offshore bank accounts.
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Source:
Read more at: Tax Times blog