{"id":5677,"date":"2014-10-25T00:00:00","date_gmt":"2014-10-25T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/10\/73_swiss_banks_want_the_us_to"},"modified":"2022-03-11T13:33:38","modified_gmt":"2022-03-11T19:33:38","slug":"73-swiss-banks-want-the-us-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/","title":{"rendered":"73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals"},"content":{"rendered":"<p>Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid paying taxes to the U.S. government. In a request to the Justice Department, the attorneys objected to certain terms while recommending changes to the model accord.<\/p>\n<p>The program wins bank participants a guarantee that they won\u2019t be prosecuted if they disclose accounts belonging to Americans that had previously gone undeclared. While the bank could still be slapped with penalties the equivalent of up to half of what was in the hidden funds, they might be able to negotiate the amount down.<\/p>\n<p>One of the requirements under the plan is that banks have to cooperate with other foreign or domestic law enforcement agencies that become involved in any probe over a tax evasion matter. However, <strong>Bloomberg<\/strong> reports, according to a number of the lawyers, this requirement wasn\u2019t in the program when some 100 firms signed up so they could win non-prosecution deals in exchange for their cooperation. The banks claim that such a stipulation turns a program having to do with U.S. tax issues into a global agreement that doesn\u2019t include guarantees or safeguards for them.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/\"  title=\"Continue Reading 73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid paying taxes to the U.S. government. In a request to the Justice Department, the attorneys objected to certain terms while recommending changes to the model accord. The program wins bank participants [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3817,3818,3752],"tags":[3454],"class_list":["post-5677","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-deutsche-bank","category-financial-firms","tag-us-tax-evasion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals | SSEK Law Firm<\/title>\n<meta name=\"description\" content=\"Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid &#8212; October 25, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals | SSEK Law Firm\" \/>\n<meta name=\"twitter:description\" content=\"Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid &#8212; October 25, 2014\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals | SSEK Law Firm","description":"Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid &#8212; October 25, 2014","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/","twitter_card":"summary_large_image","twitter_title":"73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals | SSEK Law Firm","twitter_description":"Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid &#8212; October 25, 2014","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals","datePublished":"2014-10-25T05:00:00+00:00","dateModified":"2022-03-11T19:33:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/"},"wordCount":565,"keywords":["U.S. Tax Evasion"],"articleSection":["Credit Suisse","Deutsche Bank","Financial Firms"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/","url":"https:\/\/www.investorlawyers.com\/blog\/73-swiss-banks-want-the-us-to\/","name":"73 Swiss Banks Want the US to Modify Proposed Tax Amnesty Deals | SSEK Law Firm","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2014-10-25T05:00:00+00:00","dateModified":"2022-03-11T19:33:38+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Lawyers for 73 Swiss banks are questioning the terms of self-disclosure program that would allow them to achieve amnesty for having helped Americans avoid &#8212; 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