Swiss Banks Use Carrot and Stick in Addressing Hidden Accounts
Swiss banks are seeking to chip away at potential penalties from the U.S. Justice Department by offering to compensate American clients who disclose their hidden accounts, according to people familiar with the matter.
More than 100 Swiss banks have signed up for a self-reporting program offered last year by the Justice Department, which can result in penalties for harboring undeclared American accounts.
Some banks have dangled financial incentives in front of current and former clients to entice them to divulge accounts to the IRS.
Original story at The Wall Street Journal