Switzerland, known for its banks that can keep a secret, just agreed to increase the amount of tax information it shares with the United States. The Treasury Department says this will help them crack down on offshore tax evasion.
Switzerland's banks manage about $2 trillion of foreign wealth, and much of that is untaxed by foreign nations. The Swiss government has been under pressure since March to relax its policies of bank secrecy, which are a big draw for foreign customers. Swiss banks have also been hit hard by the crisis, and are still at risk to do even worse.
categories: News
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