The case

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Switzerland is seeking a swift conclusion to the US Justice Department’s investigation into Swiss Category 1 banks. Delegations representing Switzerland and the US met during the WEF Annual Meeting in Davos.
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The Justice Department’s Swiss Bank Program was signed in August 2013, with the aim of enabling Swiss banks to participate in the Department’s investigations into the use of foreign bank accounts to evade US taxes. The Program divided Swiss financial institutions into four categories. Category 1 included Swiss banks already under investigation when the Program was announced and therefore not eligible to participate.

Source: admin.ch

The commentary

According to the press release from the Swiss Federal Council, the Swiss delegation “explained that it would be beneficial for bilateral business activities if the proceedings against Swiss “Group 1 banks” were to be concluded swiftly.” “This would provide greater legal certainty and open up fresh economic opportunities,” the release said. However, separation of powers is to be respected.