10 Swiss Banks Withdraw from IRS Offshore Program

Ten Swiss banks have requested to be removed from consideration for non-prosecution agreements offered by the Department of Justice. Due to the complexity associated with tax haven bank secrecy issues, the legal teams that have given this advice to these banks better be sure that the foundation for withdrawal is airtight. As the Department of Justice and IRS continue to gather data through John Doe Summons, FATCA, whistleblowers and data mining from those participating in the offshore voluntary disclosure program, this decision may come back to haunt them.

"Several Swiss banks pull out of U.S. tax program"

At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources.

Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a program brokered by the Swiss government to help the banks make amends for aiding tax evasion.

by Five Stone Tax

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