The Swiss government said on Wednesday that it will authorize its banks under U.S. scrutiny, including Credit Suisse and the Swiss arm of HSBC, to settle inquires into tax evasion in order to avoid further criminal investigations.
The Department of Justice began cracking down on citizens using Swiss bank accounts to evade taxes back in 2009, when it compelled UBS to release the names of 4,000 account holders and pay a fine of $780 million. The investigations have already prompted one bank, Wegelin & Co., to announce its closure after pleading guilty to helping Americans evade taxes.
