Voluntary Disclosure Program For Swiss Banks?

Bloomberg/BNA is reporting that the DOJ announced today a program for Swiss banks to reveal tax information in return for nonprosecution agreements.  The U.S. Department of Justice announced a program Aug. 29 to get Swiss banks to turn over detailed information about their U.S. account holders in return for agreements that the banks will not be criminally prosecuted by U.S. tax authorities.

The program, which is supported by the Swiss government, would require the banks to make a complete disclosure of their cross-border activities and provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest.

Banks also would have to cooperate in treaty requests for account information, and provide detailed information on other banks that transferred funds into secret accounts or that accepted funds when secret accounts were closed. In addition, the institutions must agree to close accounts of account