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The Death of the Secret Swiss Bank Account? U.S. and Switzerland Agree to FATCA Implementation

Jeffrey Katz

Amidst ongoing negotiations between the US and foreign governments to increase taxpayer compliance abroad, Switzerland became the eighth country to sign a Foreign Account Tax Compliance Agreement (FATCA) on Feb . 13, 2013, joining: Italy, Norway, the U.K., Denmark, Ireland, Mexico and Spain. The Swiss are known for their banking secrecy and as being a “tax haven,”making the signing a huge step towards the Internal Revenue Service’s (IRS) goal of increasing tax compliance abroad.

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