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-Swiss banks handover employees to US, to seek leniency in tax evasion charges.

Global Banking News-August 17, 2012--Swiss banks handover employees to US, to seek leniency in tax evasion charges(C)2012 ENPublishing -

Global Banking News - 17 August 2012

Bloomberg has reported that at least five Swiss banks have handed over details of employees to US regulatory authorities in a bid to seek leniency in the investigation into the alleged role of the banks in helping clients evade taxes.

US officials are pursuing a case against Swiss banks, accusing them of helping clients hide their money and evade taxes. It is believed HSBC(LON:HSBA), Credit Suisse(NYSE:CS) and Julius Baer (PINK:JBARF); banks operating in Switzerland, expect to pay fines and are handing over details in order to pacify the US. The banks have handed over emails and telephone records with over 10,000 names to the US authorities.

UBS AG (NYSE:UBS) admitted to aiding tax evasion in 2009 and paid a fine of USD 780m to avoid prosecution.

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Publication:Global Banking News (GBN)
Date:Aug 17, 2012
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