Swiss bankers on Monday called for a solution to ongoing tax disputes with the United States, following a Washington ultimatum to release information on alleged tax dodgers. "Switzerland is not a banana republic," Patrick Odier, Chairman of the Swiss Bankers Association said during a press conference.
The banking group, comprised of 355 financial institutions, was reacting to Swiss media reports that US authorities had given Switzerland until Tuesday to transmit data from tax evaders in the United States who have stashed assets away in Swiss banks. According to the weekly SonntagsZeitung, the United States has asked for detailed information on US nationals who have hidden their money in Switzerland, basing its report on a letter from the US deputy attorney general James Cole dated August 31, addressed to Swiss authorities. The letter mentioned Switzerland's second biggest bank, Credit Suisse, as well as around another 10 banks, notably Julius Baer, Wegelin, and the cantonal banks of Zurich and Basel, the Sunday paper said.
US authorities want all data concerning private customers and US foundations which have deposited at least $50,000 (35,300 euros) in Switzerland between the period of 2002 and July 2010, it said. When contacted by AFP, a spokesman with the Swiss Federal Department of Finance said that discussions were being held with the US on administrative assistance, but "we do not comment on the individual steps" of the talks.
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