/

Swiss banks to pay large fines in U.S.

AFP-JIJI

Swiss banks will pay significant fines to avoid U.S. penalties under a deal announced Thursday that forces them to begin disclosing the offshore accounts of American clients.

The U.S. Department of Justice said the agreement with Switzerland will advance Washington’s campaign against tax avoidance by U.S. citizens hiding funds offshore.

The deal offers individual Swiss banks the opportunity to avoid U.S. prosecution if they agree to pay “substantial fines,” disclose all of their cross-border activities, provide details on the accounts of U.S. citizens, and give information on the sources and destinations of transferred funds in relation to secret American accounts.