After a long gestation, the Bern-Washington agreement has finally arrived. The Swiss government has agreed to a tax settlement with the United States to regulate the issue of undeclared US funds deposited in Swiss banks. This was announced by the Swiss Economy Minister, Eveline Widmer-Schlumpf, who defined the solution adopted as "both good and practical".
The Government has presented a draft law to Parliament, which could be approved as early as in the coming weeks, to establish a starting point from which Swiss banks will be able to resolve disputes with the US administration, providing information on taxpayers who have moved funds on Swiss accounts without declaring them to the US tax authorities.
It was, added the minister, a "unilateral offer" that the Swiss government was unable to negotiate, conforming to the needs of the United States. The minister did not provide details on the calculation of the fines that the Swiss banks will have to pay – which will be called upon to decide whether or not to join the agreement – but he clarified that "Switzerland will not pay anything".
