The Swiss bank Credit Suisse is edging towards closing the accounts of thousands of American customers as tax authorities in Washington step up a campaign against offshore banking secrecy.

From the Guardian:

The Swiss bank Credit Suisse is edging towards closing the accounts of thousands of American customers as tax authorities in Washington step up a campaign against offshore banking secrecy.

According to reports in the Swiss media, Credit Suisse has between 2,500 and 5,000 US clients with Sfr3bn (£1.78bn) in accounts undeclared to the Internal Revenue Service.

A Sunday paper, Sonntagszeitung, reported that customers are being given a choice of moving their money to a subsidiary, CS Private Advisers, which would declare financial details to the US authorities. Alternatively, they will be sent a cheque for the balance of their funds.

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