Swiss banks deadline is here

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16.12 articleToday is the deadline for around 300 Swiss banks to decide whether or not to bow down to the US demands, and hand over records of their clients to Washington in order to avoid legal action. A spokesman for the Swiss Financial Market Regulator FINMA, confirmed the deadline however refused to say how many banks signed up to the program. Washington accuses the Swiss banks of helping US citizens dodge tax authorities by hiding billions of dollars in assets. The deal between city of Bern and Washington allows Swiss banks to avoid legal action by voluntarily handing over information on American clients, as well as by paying a fine.