US seeks 'total cooperation' from Swiss on tax dodging: Report

Gianluca Colla | Bloomberg | Getty Images

The U.S. Department of Justice (DOJ) is seeking "total cooperation" from Swiss banks in a draft agreement aimed at allowing the banks to make amends for aiding tax evasion by wealthy Americans, a Swiss newspaper reported on Saturday.
About 100 Swiss banks signed up to work with U.S. authorities at the end of last year in a program brokered by the Swiss government. That followed criminal investigations of roughly a dozen Swiss banks in the United States.
Under the program so-called category two banks - those that have reason to believe they may have committed tax offenses - will escape
prosecution if they detail their wrongdoing with U.S. clients and pay fines.
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These banks have now received a draft non-prosecution agreement from the United States, which would require them to report in full to U.S. authorities any information or knowledge of activity relating to U.S. tax, the the Neue Zuercher Zeitung (NZZ) said, citing unnamed banking sources.
These requirements would also apply to parent companies, subsidiaries, management, workers and external advisors, the NZZ reported.