Swiss bank Valiant says will participate in U.S. tax probe
ZURICH Dec 9 (Reuters) - Valiant Holding AG said it would come forward to work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.
The Swiss regional bank, the first to say it will participate in a government-brokered scheme to make amends for aiding tax evasion, said it could not say definitively that all its U.S. clients paid their taxes.
"The costs of the US program will not jeopardize the financial stability of Valiant in any way. This decision does not endanger the distribution of an unchanged dividend," Valiant said in a statement on Monday.
Switzerland's banks had until Monday to decide whether to bow to U.S. pressure and ditch the centuries-old culture of secrecy that has made the Alpine state a global vault for the world's rich.
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