A 31 December deadline has been set by the US authorities. Jeffrey A Neiman, a US attorney-turned-private practice adviser, said: 'The Justice Department is putting pressure on these banks to turn in their clients, who still remain in the dark. If the banks don’t come in and comply, they’re going to be in hot water. If the customers don’t come in and the banks turn them in, they’re going to be dealing with some serious headaches.'

Dwindling

Under a programme unveiled in August, the Swiss banks have to give detailed information on accounts involving US taxpayers. Penalties will follow for banks which have assisted taxpayers to escape their US tax duties - but they will avoid prosecution if they disclose. Kevin Packman of Holland & Knight LLP says: 'Time is quickly dwindling. If the individuals with those accounts don’t come in they’re going to get found out one way or another.' Source: BloombergLaw