Bank Coop says it will participate in U.S. tax probe
Bank Coop says it will participate in U.S. tax probe
ZURICH
(Reuters) - Bank Coop (BC.S) on Wednesday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.
The Basel-based bank said it had decided to participate in the scheme - brokered by the Swiss and U.S. governments in August - to make amends for aiding tax evasion, as staying out of the program was too risky.
The deal between the United States and Switzerland is part of a U.S. drive to lift the veil on Swiss bank secrecy. Banks had until Monday to inform the Swiss regulator whether they would take part in the scheme. Read more
Credit: Reuters/Andrew Winning
(Reuters) - Bank Coop (BC.S) on Wednesday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.
The Basel-based bank said it had decided to participate in the scheme - brokered by the Swiss and U.S. governments in August - to make amends for aiding tax evasion, as staying out of the program was too risky.
The deal between the United States and Switzerland is part of a U.S. drive to lift the veil on Swiss bank secrecy. Banks had until Monday to inform the Swiss regulator whether they would take part in the scheme. Read more
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