Several Swiss banks have threatened to freeze American clients’ accounts unless they prove they are, or take steps to become, tax compliant, as the country’s lenders hurry to resolve a tax evasion dispute with the US. The moves – made by a number of banks, according to three people familiar with the situation who did not disclose the identity of the banks involved – come before a deadline at the end of July for banks in a programme set up by the US Department of Justice last year to show which American clients conform to US tax requirements. However, the validity of the banks’ approach has split legal experts. [FT]

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  1. Posted by mole | July 8, 2014 at 7:20 AM

    This is posturing. The point is to demonstrate to US regulators that they are "serious" about compliance. i.e. "please go all Agricole on me…"