Swiss Banks Ask U.S. to Amend Proposed Tax Amnesty Deals

Swiss banks seeking to avoid U.S. prosecution by disclosing how they helped Americans evade taxes asked the Justice Department this week to back off a dozen demands, including that they cooperate with other nations.

Lawyers representing 73 Swiss banks wrote on Oct. 21 to object to terms of a proposed non-prosecution agreement that spells out how banks can achieve amnesty through a disclosure program announced last year. The 11-page letter says the agreement “presents substantial obstacles” and suggests a wide range of changes to the model accord, including a requirement that banks “cooperate fully” with “any other domestic or foreign law enforcement agency” in any investigation.