ZURICH Dec 4 Switzerland has agreed to comply
with U.S. disclosure rules on offshore accounts controlled by
Americans set for 2014, Swiss president Eveline Widmer-Schlumpf
said on Tuesday.
"We have initialled the agreement," Widmer-Schlumpf said in
parliament in response to questions from lawmakers, without
providing further details.
The agreement, which will come up for final government
approval in January, would reconcile Swiss secrecy rules with
U.S. disclosure demands under the Foreign Account Tax Compliance
Act (FATCA) enacted in 2010.
The act requires foreign financial institutions to tell the
U.S. Internal Revenue Service about Americans' offshore accounts
worth more than $50,000.
In September, Britain became the first country to finalise a
tax information-sharing pact with the United States under FATCA.
That agreement spares UK banks, funds and other financial
companies from reporting client information directly to the
Widmer-Schlumpf denied a link between initial agreement on
FATCA and separate, ongoing discussions aimed at ending U.S.
probes into 11 banks suspected of helping clients dodge U.S.
taxes with offshore bank accounts.