(Bloomberg) Swiss Finance Minister Eveline Widmer-Schlumpf and her Italian counterpart Pier Carlo Padoan agreed to resolve the two countries’ long-running dispute over undeclared funds in Swiss banks.

Italians with accounts in Switzerland should be able to regularize any untaxed assets via a voluntary disclosure program, potentially benefiting from a reduced penalty, according to an agreement signed in Milan on Monday. Tax authorities can also seek information from their counterparts to catch tax cheats in accordance with internationally accepted standards, the Swiss Finance Ministry said.

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