Yesterday we posted "Today is the Swiss Bank's Deadline to Reveal Hidden US Accounts to the IRS!" which discussed that approximately 300 Swiss Banks have until the end of today, Monday December 16, 2013, to decide whether to turnover their records to the IRS.
Today Walliser Kantonalbank became the latest Swiss bank to Accept US Deal.to avoid prosecution.
Walliser Kantonalbank said in a statement that it had never focused on acquiring American clients but that it was unable to guarantee that all U.S. customers had fully complied with their U.S. tax obligations.
About 100 banks are expected to take part in the scheme by the end of the year.
The U.S. Department of Justice (DOJ) warned Swiss banks in a statement last week that they took the risk of being targeted and prosecuted if they didn't join the program.
The US Can Use Swiss Data for Enforcement Actions! The new agreement makes clear that “personal data provided by the Swiss banks… will be used and disclosed only for purposes of law enforcement (which may include regulatory action) in the United States or as otherwise permitted by US law.”
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Source:
Read more at: Tax Times blog
