Swiss Widen Bank Data Sharing With US in Tax Dodging Clampdown

Switzerland and the US have tightened the automatic exchange of bank information, making it harder for American citizens to keep their account data from getting into the hands of US tax authorities.

US clients in Switzerland lose the possibility to withhold their consent to have their data shared with US authorities from 2027, the Swiss Finance Ministry said in a statement on Thursday announcing the agreement.

The previous arrangement forced US authorities to request this data through an administrative process if a client didn’t consent to the exchange. The new deal now puts the onus on the US clients instead, ...