GENEVA — The Swiss government said it has cleared the first batch of banks to cooperate with U.S. authorities under a deal to stem tax evasion.
The Cabinet gave its approval at a meeting Friday but said in a statement that it won’t give information on the number of banks involved or name them.
The agreement allows Swiss banks to settle any potential U.S. charges if they disclose information related to American assets. Some would also have to pay a penalty. Banks wanting to participate have to seek individual permission to do so from the government.