Several More Swiss Banks Under Scrutinty

The U.S. government is requesting information on American account holders from several more Swiss banks. These banks include the giant Credit Suisse, as well as HSBC, Julius Baer Group Ltd., Wegelin & Co., Basler Kantonalbank and Zuercher Kantonalbank. These banks are apparently under secret grand jury investigation in the U.S. The banks have not yet commented on the inquiry.

It is possible that both Credit Suisse and HSBC will follow in the footsteps of UBS and disclose information to the U.S. Treasury. Both banks have extensive business operations in the United States. It is more questionable whether the other banks (which have no business operations in the U.S.) will cooperate as the U.S. government has a lot less leverage over them.

If you have undisclosed bank accounts with one of these banks you should promptly seek advice of legal counsel.