Silver as an investment

Swiss Bank Accounts Soon To Be Not So Secret? New Deal Could Out U.S. Tax Evaders.

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

A sign of HSBC private bank (Suisse) in the center of Geneva. Photo by FABRICE COFFRINI/AFP/Getty Images

slate.com / By Elliot Hannon | Posted Wednesday, Aug. 28, 2013, at 7:31 PM

The U.S. and Switzerland have reportedly struck a deal that could out Americans who have stashed money in Swiss bank accounts to avoid paying U.S. taxes. The agreement would resolve a long running dispute where the U.S. government has pursued tax evaders that have assets in the famously secretive Swiss banking system. Switzerland is the world’s largest offshore financial center with some $2.2 trillion in assets, according to Bloomberg.

The 14 Swiss banks currently under investigation by the Justice Department would not be covered under the new agreement. Some 300 other Swiss banks, however, would have the option to self-disclose “extensive information about their American clients, the value of their accounts and any help they received from tax professionals,” according to the AP.

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