AS per the latest verdict of a Swiss Court, Credit Suisse AG can't
furnish a client's account details to the IRS because the US Revenue's request
for help was only in relation to tax evasion, which is not covered by the tax
treaty of 1996.
The
court decision follows an appeal filed by a client of the bank. Last year, the
second largest Swiss Bank had informed some clients regarding the agreement with
the IRS to furnish information about their bank accounts. The IRS is
investigating into the accounts of 11 Swiss firms after the Credit Suisse was
allegedly found to have helped rich customers hide their money in
Switzerland.
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