Bloomberg News

Swiss Banks May Supply Data to End Tax Row, SonntagsZeitung Says

February 05, 2012

Feb. 5 (Bloomberg) -- Many Swiss banks suspected by U.S. authorities of aiding in tax evasion would prefer to hand over client data immediately to avoid prosecution, SonntagsZeitung said, citing an unidentified head of a Swiss bank.

Following U.S. charges against Wegelin & Co. on Feb. 2, the risk of a second indictment is too great and banks don’t want to wait for the countries’ governments to negotiate a solution by the year’s end, the Swiss newspaper cited the banker as saying.

Banks want to exchange the names of U.S. clients for a deferred prosecution agreement in a deal similar to the one struck by UBS AG in 2008, the person was quoted as saying.

--Editors: Linda Shen, Kristen Hallam

To contact the reporter on this story: Leigh Baldwin in Zurich at lbaldwin3@bloomberg.net

To contact the editor responsible for this story: Mariajose Vera at mvera1@bloomberg.net


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