Swiss Banks Settlement

The Swiss Banks Settlement was an agreement in the early 2000s between the Swiss government, Swiss banks, and U.S. authorities to address issues related to undeclared accounts held by U.S. citizens. Many Americans had secretly banked in Switzerland to avoid taxes, and the settlement aimed to resolve legal disputes, promote transparency, and allow taxpayers to come forward voluntarily. As part of the settlement, Swiss banks paid fines, and some Americans disclosed their hidden accounts, resulting in a broader effort to enhance compliance and accountability in cross-border banking.