Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Bern denies umbrella tax evasion deal with US

Share this article

Bern denies umbrella tax evasion deal with US
Federal parliament building in Bern. Photo: OFCL
15:08 CEST+02:00
A government spokesman denied on Tuesday that Switzerland was close to a deal covering the country's entire financial sector that would finally settle a dispute with Washington over US citizens' undeclared assets in Swiss banks.

Mario Tuor, a Swiss finance department spokesman, told AFP that a report posted on the website of the country's public broadcaster RTS was misplaced.

"We can't confirm anything," Tuor told AFP, underlining that the process was still ongoing.

"But the bulk of this article is completely false," he added.

RTS claimed that the government was due later Tuesday to evaluate a deal covering the whole of Switzerland's financial sector, and not just the dozen banks initially in the US tax authorities' line of fire.

The broadcaster said that the deal included a fine to be paid in one go by all the banks involved, thought to be worth several billion francs.

In addition, the deal would bind Swiss authorities to hand over the details of US citizens' with assets in Switzerland to their homeland's tax authorities.

Switzerland's long-held banking secrecy rules have gradually been weakened over recent years as crisis-struck countries press the Alpine nation to reveal details of citizens suspected of tax evasion who place their assets here.

Any deal would require not only Swiss government approval, but also the backing of parliament.

Get notified about breaking news on The Local

Share this article

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?