Swiss banks request US back down on demands

Three-quarters of the banks that signed a December 2013 “disclosure programme” as category 2 banks with US investigators are suggesting that American authorities have gone beyond the terms of the agreement, reports Bloomberg.

The news agency says it has seen a copy of the letter sent 21 October by lawyers for 73 of the 100 banks that signed onto the US Department of Justice programme, which at the time provided few details for how it would be implemented. Post Finance 13 December 2013 said it was signing up for the programme as a precaution, despite great uncertainty about what it entailed.

The banks are objecting to the terms that have since been provided by the DOJ for the non-prosecution agreement.

The banks, according to Bloomberg, are asking for changes that include

“a requirement that banks cooperate fully’ with ‘any other domestic or foreign law enforcement agency’ in any investigation.
“‘This requirement is not found in the program and, indeed, turns a program specifically focused on U.S. tax issues into a global cooperation agreement without any safeguards or guarantees of appropriate consideration of the banks’ cooperation,’ according to the letter from 18 law firms obtained by Bloomberg News.”

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