Final approach

Published on 10 September 2013 at 15:08

"The Swiss parliament is approving strikes against their banks"

The lower house of the Swiss Parliament on September 9, voted to approve the US Foreign Account Tax Compliance Act (FATCA), named after the US legislation that obliges Americans overseas to declare their foreign assets. After three years of negotiations, the deal is another nail in the coffin of banking secrecy and will mean Switzerland will be able to legally share client account details with the US.

The new law is expected to come into force in 2014 put an end to the long running tax dispute between the two countries.

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