Swiss Banks Under Pressure as Deadline Nears to Find U.S. Accounts

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The pressure on Swiss banks to turn over information on their U.S. clients to the Department of Justice is increasing as a Dec. 31 deadline nears for a program that lets the banks pay penalties and avoid prosecution, with many expected to participate, tax attorneys said.
“The Justice Department is putting pressure on these banks to turn in their clients, who still remain in the dark,” Jeffrey A. Neiman, a former assistant U.S. attorney now in private practice, told Bloomberg BNA Dec. 17. “If the banks don't come in and comply, they're going to be in hot water. If the customers don't come in and the banks turn them in, they're going to be dealing with some serious headaches.”

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