Swiss Memo Outlines Possible Compromise on U.S. Demands

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A memorandum from the Swiss government outlining a possible compromise with the United States regarding secret bank accounts held by U.S. nationals with Swiss banks would have Swiss authorities combing through bank data on behalf of U.S. authorities to identify account holders who may be evading U.S. taxes, according to a copy of the memo obtained by BNA. The memo is intended to defuse a growing dispute with the United States over the activities of Credit Suisse, Switzerland's second-largest bank, under investigation by the U.S. Justice Department for its cross-border private banking services for U.S. clients. The memo, prepared by the Swiss Federal Council, has been presented to the foreign affairs committee of the Swiss parliament's upper house.