Further Erosion of Swiss Banking Secrecy

A front page article in today’s Wall Street Journal as well as an article by Lynnley Browning and Julia Werdigier in today’s New York Times report that Swiss officials have agreed to let banks release more information on the holdings of their American clients. 

This most recent development is yet another step in a process that is making it increasingly difficult for Americans hide assets in Swiss accounts and unlawfully evade taxes on those assets.

As I frequently explain to clients, there is absolutely nothing wrong with having a Swiss bank account or other offshore account. But you have to comply with all applicable reporting requirements.

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