Over 100 Swiss banks seek amnesty for helping Americans evade tax
More institutions than expected will tell how they helped American clients hide their assets
The top US tax prosecutor says 106 Swiss banks are seeking US amnesty for helping American clients evade taxes.
US prosecutors gave more than 300 Swiss banks until December 31 to seek non-prosecution agreements if they have "reason to believe" they violated tax laws. Banks must disclose how they helped Americans hide assets, hand over data on undeclared accounts and pay penalties.
The programme is the largest assault in a five-year US crackdown on offshore tax evasion.
Kathryn Keneally, assistant attorney general in the Justice Department's tax division, disclosed the number yesterday while cautioning that the final figure could change.
She did not name any banks seeking entry into the programme, which is not open to 14 already under criminal investigation, including Credit Suisse, HSBC and Basler Kantonalbank.
"She said 106 Swiss banks had signed letters of intent," said Bryan Skarlatos, of Kostelanetz & Fink in New York, who heard her speak at a conference in Phoenix, in the US state of Arizona.