22.12.2020. US asking Swiss banks to disclose information about accounts

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The US Foreign Account Tax Compliance Act (FATCA) is forcing banks in Switzerland to disclose full details of client accounts that have not be previously reported to the Internal Revenue Service (IRS).
FATCA, which was introduced internationally in 2010, compels foreign banks to disclose details of assets and funds held by US citizens.
According to reports, 12 Swiss-based banks and fiduciary firms have received group administrative assistance requests via the Swiss Federal Tax Administration (SFTA).
The IRS is requesting details of American clients’ accounts, with account holders required to update the SFTA with their Swiss residential address.
In the past, Switzerland did not cooperate with such requests from the US tax authorities. The SFTA is now working to a deadline of 20 December for either contesting or fulfilling the disclosure requests to the 12 financial institutions listed by the IRS.
The banks involved include Barclays (Suisse), Indosuez, Crédit Agricole, Union Bancaire Privée, Schroder and Co, and Bank Vontobe.
The requests under FATCA relate to private bank accounts that have been identified as American-owned, or financial institutions to which foreign transfers had been paid, but for which such transactions were not given consent for reporting to the IRS.