UNITED STATES/SWITZERLAND INFORMATION SHARING AGREEMENT

On January 24, 2003, the United States and Switzerland agreed to facilitate the exchange of tax information in an effort to ensure that no safe haven exists for funds associated with illicit activities, including tax evasion.

This requires Swiss banks to turn over account and accountholder information in the event that U.S. officials suspect tax fraud. Part of the agreement states: "It is understood that, in response to a request, the requested State shall exchange information where the requesting State has a reasonable suspicion that the conduct would constitute tax fraud or the like. The requesting State's suspicion of tax fraud or the like may be based on:

1. Documents, whether authenticated or not, and including but not limited to business records, books of account, or bank account information;
2. Testimonial information from the taxpayer;
3. Information obtained from an informant or other third person that has been independently corroborated or otherwise is likely to be credible; or
4. Circumstantial evidence.

Source: U.S. Department of Treasury