I link to two articles below on the continuing U.S.-Swiss saga over access to client information. The key points are:
1. After the failure of a legislative solution, the Swiss Government is prepared to be more lenient in allowing Swiss banks who are targets of U.S. angst to share information. By sharing information, these banks hope to avoid indictment and/or large penalties. Presumably this sharing will be by more lenient interpretation of the exchange of information treaty provision.
2. Switzerland's high court ruled that Credit Suisse was free to transfer client data to the U.S. The ruling came in response to U.S. clients suits to prevent the transfer. The Court is reported to have ruled that the U.S. treaty request is not a "fishing expedition" even though the request did not name the taxpayers for whom information was sought. Instead, the U.S. request was "detailed enough to show grounds for suspecting tax fraud or similar offences and to allow the identification of the wanted persons."
Alanna Petrof, Chipping away at Swiss bank secrecy (CNN Money 7/5/13), here.
Swiss court OKs Credit Suisse data transfer (The Local 7/6/13), here.
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