Switzerland’s private banks come to terms with past (from FT)

Switzerland’s private banks come to terms with past

For five years since the US forced Switzerland’s biggest bank, UBS to pay a $780m fine for helping American clients evade taxes, the spectre of further punishments has hung over the Swiss private banking sector.  There are now signs that this limbo may be easing. Last summer, the US Department of Justice set up a programme allowing Swiss banks that had undeclared American customers, but were not already under investigation, to put the past behind them in exchange for paying hefty fines and handing over information about their activities in the US. More than 100 financial institutions have signed up…

Link to FT Article