(Bloomberg) After three years and $1.37 billion in penalties, the U.S. is ending a disclosure program that forced Swiss banks to reveal all the secret ways they helped Americans evade taxes.
A final accord announced Wednesday, the 78th by the U.S. with 80 Swiss banks, clears the way for prosecution of other firms excluded from the program. Julius Baer Group Ltd. said last month that it expects to pay about $547 million to settle a separate U.S. criminal investigation into how it assisted American tax cheats.
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