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US issues ultimatum to Swiss banks By TII News Service Sep 05, 2011 , Geneva
IT is reported that the USA has written to Switerland asking it to hand over data relating to US citizens who are using the Swiss accounts to evade payment of US taxes. The letter was reportedly sent by US Deputy Attorney General James Cole on August 31 and demands detailed figures on tax evasion at Credit Suisse by Tuesday and also seeks information from nine other smaller Swiss banks. Switzerland needs to settle the row and it is reported that Swiss banks may have to pay a up to 2 billion Swiss francs and deliver much more client data than in the UBS case.

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