The DOJ has announced a program that will allow Swiss banks to turn over information on U.S. account holders in return for agreements that the banks won't be criminally prosecuted. The program would require banks to make a complete disclosure of cross-border activities and provide information on all U.S. account holders. In addition, the banks must agree to close accounts of individuals who fail to come into compliance with U.S. reporting procedures.
"If you're a U.S. taxpayer who has any account that's undeclared in Switzerland, you should start running for the nearest attorney's office," said Offshore Tax Compliance Partner Kevin Packman. "This agreement is designed to help the government find the trail of money."
READ: DOJ Program Lets Swiss Banks Reveal U.S. Account Information, Avoid Prosecution (subscription may be required)
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