Swiss agree framework to help banks avert U.S. tax charges

Basler Kantonalbank

03/07/2013 13:00

ZURICH, July 3 (Reuters) - The Swiss government agreed on Wednesday on a framework to allow the country's banks to pass data to U.S. authorities in a bid to save them from criminal charges for helping wealthy Americans evade taxes. The move comes after the Swiss parliament last month rejected legislation that would have allowed banks to reveal internal information that would help U.S. authorities identify clients, while stopping short of handing over names. ID:nL5N0EX28N  The government agreed the parameters under which Swiss banks could seek to resolve the tax dispute and said they could apply for individual authorisation to allow them to cooperate, but stressed they would not be allowed to hand over client data. Swiss privacy laws have helped to make the Alpine country the world's biggest offshore financial centre, but they have also drawn the ire of countries seeking to fight tax evasion. The government said in a statement that it was conducting further talks with the U.S. Department of Justice concerning a programme it is offering to banks not yet under investigation. More than a dozen banks are under formal U.S. investigation, including Credit Suisse  CSGN.VX , Julius Baer  BAER.VX , the Swiss arm of Britain's HSBC  HSBA.L , privately held Pictet in Geneva and local government-backed Zuercher Kantonalbank and Basler Kantonalbank  BSKP.S .     (Reporting by Emma Thomasson) ((+41 58 306 7311)(Reuters Messaging: emma.thomasson.thomsonreuters.com@reuters.net)) Keywords: SWISS USA/BANKS