As U.S.-Swiss Deal Nears, Some Banks Still Advise Tax Cheats, Say NGOs

By Vanya Dragomanovich

Even as Swiss and U.S. authorities near an expected settlement over American allegations of tax evasion, some financial institutions in Switzerland are informing their clients how to disguise money abroad, say industry sources. Earlier this week, Swiss Finance Minister Eveline Widmer-Schlumpf told Basler Zeitung that the European nation and the United States were close to a deal to settle U.S. charges that banks have aided American tax dodgers. The potential arrangement would settle allegations against at least 11 Swiss banks, including Credit Suisse, Basler Kantonalbank and Bank Julius Baer. Any settlement would follow the February U.S. indictment of Wegelin &...