Switzerland proposed a bill that it says will provide the legal basis for the country's banks, including Credit Suisse Group AG and Julius Baer Group Ltd., to resolve a tax-evasion dispute with the U.S.
The bill authorizes Swiss banks to cooperate with U.S. authorities and transfer information while safeguarding their interests, the government in Bern said in a statement today. The Swiss Parliament will consider the bill as soon as next week, and it could come into force on July 1.
"The urgency is due to the fact that the United States is unprepared to wait any longer with the arrangement for the past for Swiss banks," the government said. "If a solution is not found soon, Switzerland risks further escalation."
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