Julius Baer Decision Offers Little Safety for Hidden Swiss Accounts

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U.S. taxpayers with accounts hidden in Switzerland shouldn't rest easy just because a Swiss court decided that banking giant Julius Baer Group Ltd. couldn't be compelled to hand over financial information under the existing U.S.-Swiss tax treaty, attorneys told Bloomberg BNA.
“The Swiss decision is not a watershed event foretelling the end of Swiss provision of information to the U.S. government,” Josh O. Ungerman, a partner with Meadows, Collier, Reed, Cousins, Crouch & Ungerman LLP in Dallas, said Jan. 12.
Ungerman and other practitioners said they don't think the Swiss Federal Administrative Court's decision will have any impact on the Department of Justice's program requiring Swiss banks to give U.S. authorities detailed information on U.S.-owned accounts and pay hefty fines to avoid prosecution.

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