The News Minute | September 3, 2014 | 07:56 am IST
Swiss banks now find themselves poised on that fine line between what works best for them if they avail of a United States’ tax-evasion scheme that frees them from prosecution in return for owning up to their guilt in past offences.
According to the www.swisinfo.ch while some banks have a clear picture of where they stand in the so-called “non-target-letter” programme, many others are still weighing the pros and cons of registering versus the risk of getting caught by the US’ Department of Justice.
Over the last few years, Banks in Europe have been opening up to pressure from the US seeking to punish tax-evaders who had taken advantage of leaner rules across the Atlantic to secure their wealth. All that is now changing and Swiss banks are now engaging in cat-and-mouse games to gain advantage.
Read more: Banks agonise over US tax evasion ‘guilt