Swiss Govt Transfers Encrypted Sensitive Client Information to US Government

On January 30, 2012, the media reported that on the deadline given to Swiss banks to turn over sensitive client information, Swiss banks had transmitted such information to the Swiss government, which in turn transmitted it in encrypted form to the U.S. government.  However, the Swiss government has said that it will only decode the information once the Swiss and U.S. government haver achieved a resolution.  The Swiss government wants, among other things, the U.S. government to drop investigations against the eleven Swiss banks.

Because of the number of Swiss banks and potential U.S. taxpayers involved and the policy issues about the circumstances under which the Swiss government will agree to cooperate in tax enforcement matters, notwithstanding financial confidentiality laws in Switzerland and the importance of the same in the context of Swiss financial services, the bargaining between the two governments has been long and arduous.


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