Swiss banks `allegedly` providing info to US

Last Updated: Saturday, September 10, 2011 - 22:20

Geneva: Swiss banks have "allegedly" begun
providing information to Washington on accounts held by US
citizens, Swiss media reported on Saturday.

Local daily Neue Zuercher Zeitung reported that US
authorities had "allegedly" received information from Swiss
banks on their American customers, without citing sources.
It said that yesterday nine banks "allegedly ... provided
the requested information".

Another media outlet, the daily TagesAnzeiger, said that
Credit Suisse had earlier in the week provided to Washington
information on US clients.

"The Credit Suisse banker responsible for the negotiations
took a plane for Washington and submitted the information," it
said.

The TagesAnzeiger also said that Switzerland`s government
has "partially" agreed to a Washington ultimatum that
information on US nationals who have money in the country be
handed over.

It said that Swiss authorities, in a confidential letter
to 10 local banks said the US request could "be partially
agreed upon", but that the data transfer would have to be done
by the banks themselves, and not the government.

Furthermore, the letter said the banks would need to
provide data on banking activities only going back to
September 30, 2009.

Prior to that date, information should only be provided
"if there is a violation of US legislation or obvious tax
fraud", the newspaper said.

On Wednesday, Switzerland`s President Micheline Calmy-Rey
told reporters that Swiss authorities had not provided the
names of any clients of Swiss banks to US tax authorities.

PTI



First Published: Saturday, September 10, 2011 - 22:14

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