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Tax treaty blocked, EU bank capital, Islamic finance: Compliance

Posted on 02 May 2012

Senator Rand Paul is blocking an amendment to a U.S.-Swiss tax treaty, slowing Switzerland’s handover of data on thousands of Americans with bank accounts hidden from the U.S. Internal Revenue Service.
The protocol, negotiated in September 2009, would amend a 1996 treaty and make it more difficult for Switzerland to refuse requests from the IRS for tax information about U.S. customers of Swiss banks. The U.S. is cracking down on secret accounts held by its citizens at UBS AG (UBSN), Credit Suisse AG (CSGN), Wegelin & Co. and other financial institutions………………………………………..Full Article: Source

 
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