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U.S., Switzerland strike bank deal over tax evasion

U.S., Switzerland strike bank deal over tax evasion

(Reuters) – The United States and Switzerland have struck a deal to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their U.S. customers, moving closer towards ending a long-running dispute.

The deal will apply to about 100 second-tier Swiss banks, which could have to disclose some previously hidden information and face penalties of up to 50 percent of assets they managed on behalf of wealthy Americans.

But it does not cover banks already under U.S. criminal investigation, which include some of Switzerland’s biggest banks such as Credit Suisse and Julius Bae

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