Forex Jokes : Keeping secrets is out of fashion

The government of Switzerland will present a bill, which is aimed at improving the relationships with the Internal Revenue Service of the U.S.A. This measure will become a key point in the long-standing conflict over tax evasion by the U.S. citizens, who are holding accounts in the Swiss banks. Next week this law proposal will be brought before the Parliament and will enter into force approximately on July 1. The document will make the financial institutions to disclose information about their American clients to the U.S. authorities on condition that the interests of Switzerland are protected. In fact, that means that the banks will face multimillion fines for the assistance with tax avoidance. The total amount of fines may equal $7-$10 bln. The part of the amount will be paid by the country's government, and later the public money spent will be reimbursed by the banks. Currently, more than ten Swiss banks are involved in such law violation cases. The criminal investigation may be launched into thousands of Americans, who managed to hide their private incomes from the IRS by using offshore bank services. So, the Switzerland government is in a predicament now. On the one hand, the country sticks to the centuries-old tradition of non-disclosure. On the other hand, it has to react to the financial claims of the leading world power. The situation will clarify in the nearest future