Politico - 12/16/13, Rachael Blade
The U.S. started its crackdown when it raked in $780 in a settlement with UBS. | AP Photo
Swiss banks are quietly warning wealthy U.S. clients with secret accounts to come clean with the tax man in the next two weeks — or risk jail time, according to several letters obtained by POLITICO.
The letters come ahead of a New Year’s Eve deadline the U.S. government set for about 300 Swiss banks to take deals protecting them from prosecution. In exchange for confessing and shelling out mountains of Americans’ account information, they’ll get immunity. It is a new twist to the traditional bank-client relationship.