The Us tax settlement with Swiss banks in the US Tax Program seemed to have come to a standstill last year when lawyers of around 70 banks wrote to the US Justice Department (DoJ). The lawyers were protesting against some of the language that the DoJ had included in a model version of the Non-Prosecution Agreement (NPA) the banks needs to sign, in particular, against language that would have given the DoJ the ability to share the banks’ data with unspecified foreign authorities, and against a requirement that the banks cooperate with foreign law enforcement agencies.
The revised NPA sets a term of four years for the banks to fulfill obligations under the program, whereas the prior version left the term indefinite. It does not include the language about granting the DoJ the right to share data with foreign authorities, or requiring cooperation with foreign law enforcement.
According to a document reviewed by The Wall Street Journal the process is now moving forward.