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US near deal with some Swiss banks in offshore tax probe

Wednesday, 28 Aug 2013 | 5:35 PM ET
DOJ to unveil program with Swiss banks
CNBC's Eamon Javers reports the DOJ expects to announce an agreement with the government of Switzerland in which certain Swiss banks could resolve the liability they may be facing in results of hiding American assets. Participating banks will have to provide the U.S. with full disclosure of activities.

The U.S. government expects to announce within days a program that would allow some Swiss banks to avoid or defer prosecution over a long-running probe of offshore tax dodging by Americans, a senior Justice Department official said on Wednesday.

The program would exclude 14 Swiss banks that are already under investigation, the Justice official told reporters on a conference call, which followed reports out of Switzerland that the government there was ready to end the long-running dispute.

"We expect in the next several days to announce a program that would allow certain Swiss banks that want to obtain a resolution with the Department of Justice to come forward and do that," said the senior official, who requested anonymity because the deal has yet to be finalized.

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