Log in
Please enter your login details

Skip to main content

Breaking News
  • Status quo between Israel and Palestinians is “unsustainable”, says US Secretary of State John Kerry – REUTERS
  • US Secretary of State John Kerry says he hopes he can get back to de-nuclearisation talks with North Korea, adds the US is prepared to do so – REUTERS
  • US Secretary of State John Kerry says he is completely engaged with Congress on Iran negotiations, Congress has a key role to play – REUTERS
  • Georgia: Former Defence and Internal Affairs Minister sentenced to 7 ½ years in prison for abuse of power (EFE)
  • Countries in the APEC bloc are to implement flexible fiscal policies to support the global economy and job creation, finance ministers say – REUTERS
  • Ben Bradlee, Washington Post editor during the Watergate scandal, has died aged 93 – REUTERS
  • President-elect of the European Commission Jean-Claude Juncker says he will present an EU investment programme of 300 billion euros before Christmas – REUTERS
Swiss banks’ US tax-evasion deal on hold

Switzerland’s lower house of parliament has stalled progress on a tax-evasion deal with the US government.

Washington is chasing wealthy Americans with cash in secret accounts in banks there.

The Swiss government wants to pass a law allowing banks to sidestep the country’s strict secrecy rules and disclose some account holders’ details to US prosecutors.

Banks will not be allowed to reveal client names, but the proposal would give them a one-year window to hand over information including names of third parties such as accountants and tax lawyers, which should be sufficient for US officials to identify tax dodgers.

The law was passed by the upper house of parliament, but the lower house is refusing to discuss it as a matter of principle.

The move gives the government less time to fast-track the draft law before the end of parliament’s current session on Friday.

The US is threatening to bring criminal charges against more than a dozen Swiss banks unless the legislation is passed by the end of this week.

If parliament does kill the bill by refusing to debate it again, the Swiss government does have the power to approve the data transfer with an executive order, as a last resort.

Copyright © 2014 euronews

More about:

Check out today's top stories