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.
- 1Brazil: dam collapse lawsuit seeks billions from mining companies
- 2‘iStruggle’ – how Apple Is trying to get its groove back
- 3All for one, one for all – peer-led initiatives give boost to female entrepreneurs
- 4Waste not, want not: boosting business with leftover food
- 5All signs point to weaker Q2 growth for the eurozone
latest economy news
All signs point to weaker Q2 growth for the eurozone
Services and construction jobs reduce Spanish unemployment total for April
Where’s the money? UN tax haven report details billions moving around the world
IMF sub-Saharan Africa 2016 outlook sees weaker growth
ECB’s Draghi defends low rates policy against German complaints
Wires > Business
- 01:16 CET Hong Kong cracks down on illegal money flows from China trade
- 23:25 CET Owner of Virgin Media plans a 500,000 pounds donation to UK’s ‘In‘…
- 22:43 CET Exclusive – Big data breaches found at major email services: expert
- 21:09 CET Merkel says working for U.S.-EU trade deal this year
- 20:54 CET Two Tesla executives leaving ahead of Model 3 ramp-up
- 19:24 CET Pop Vicenza can relaunch with bank fund, new management – PM Renzi
- 19:16 CET RBS prepares for Brexit uncertainty, to cut more costs
- 19:10 CET Barclays begins offloading Africa business with 12 percent stake…