DOJ Program Lets Swiss Banks Reveal U.S. Account Information, Avoid Prosecution

The U.S. Justice Department announced a program Aug. 29 to get Swiss banks to turn over detailed information on their U.S. account holders in return for agreements that the banks will not be criminally prosecuted by U.S. tax authorities.

The program, which is supported by the Swiss government, would require the banks to make a complete disclosure of their cross-border activities and provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest. Participating banks would have to pay substantial penalties, but would avoid prosecution.