By John Letzing
ZURICH--The Swiss Cabinet said Wednesday it has adopted a plan
for banks suspected of having helped Americans evade tax in the
Alpine nation to settle past legal issues with U.S.
authorities.
In a statement, the Swiss Department of Finance said the
proposed framework will enable banks to deal directly with the U.S.
Department of Justice to resolve outstanding issues.
The proposed deal, which will be presented to parliament later
this year, is needed urgently, the department said, because "the
United States is unprepared to wait any longer with the arrangement
for the past for Swiss banks."
Banks wishing to participate will be able to share information
with U.S. authorities including "business relationships concerning
U.S. persons" and bank personnel involved in doing business with
Americans, according to the statement.
No specific banks were mentioned. About a dozen Swiss banks
including Credit Suisse Group AG (CSGN.VX) and Julius Baer Group AG
(BAER.VX) have been under investigation for their role in helping
Americans evade tax using Swiss accounts.
In 2009, the U.S. DOJ reached a deferred prosecution agreement
with Swiss banking giant UBS AG (UBS). UBS admitted it had helped
Americans evade tax and paid a $780 million fine.
Write to john.letzing@wsj.com