Switzerland and the United States have signed a memorandum of understanding on technical and administrative interpretations of FATCA.  This is a long-awaited moment and we are keen to learn of the specific interpretations that will most likely serve as the foundation of the remainder of the accords.  The memorandum provides a summary of obligations of […]

On May 29th, the Swiss government proposed legislation that would permit banks to release certain information to the U.S. authorities. Under current Swiss banking secrecy laws, such actions would be prohibited. The legislation is to be rushed through the Swiss parliament in their June summer session. The freedom would ultimately allow individual settlements to be […]

Credit Suisse Issues US Tax Compliance Form to its Clients In the ongoing battle of Swiss banking secrecy, FATCA regulations and the tides of disclosure and compliance requirements, Credit Suisse has made one of their boldest moves to date. In an effort to shift the compliance burden on account holders, Bloomberg recently announced that Credit […]

[UPDATE:  This blog post has been updated.  Current information can be found in this April 2012 entry.]