Switzerland is seeking a new tax deal with the U.S. that will allow a two-way exchange of bank account information as the country continues to rethink its stance on bank secrecy, the Financial Times reported Dec. 29, citing "a senior official in Bern," the capital city of Switzerland.
The country has signed agreements with 38 countries on information sharing that come into effect in January 2017 and are part of a concerted move to end Switzerland's reputation of helping tax evasion.
Under an existing accord, U.S. authorities receive information on Swiss bank accounts, but the country wants reciprocal exchange of information. This is "a matter of principle and international equality," according to Fabrice Filliez, deputy head of tax at the Swiss international finance department.
In addition, Switzerland said it started consultations with more than 20 other countries including India, Israel and Argentina on similar agreements.