The Swiss government is reportedly going to allow banks in the nation to share some information with U.S. authorities. U.S. officials want to determine which Americans are using offshore bank accounts to hide their money and avoid taxes.
Many people use Swiss banks to store their money because the financial establishments in the country have long been known for secrecy and discretion. But, it looks like this may be about to change in a big way. In the near future, information about those on-the-quiet bank accounts overseas may find its way its way to the U.S. government.
U.S. authorities have long been trying to get access to information about Swiss bank accounts held by Americans. In recent years, there has been some success from certain banks, however, the U.S. has still been trying to obtain more information about Americans holding bank accounts in the European country.
After negotiation, it appears the Swiss government is going to allow its banks to "reveal some customer information" to U.S. officials, reported CNN Money. This agreement is a big step in settling disputes between the U.S. and Switzerland over tax issues.
Read more: Swiss government weakens bank secrecy to give US officials info
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