The impact of the US Program remains a major concern for the Swiss banks.
In August 2013, when an agreement was found with the US Department of Justice (DoJ), the US Program was published. The agreement was supposed to facilitate the settlement of the tax dispute between the Swiss banks and the US but some vague terms such as ‘full cooperation’ required by the US makes it difficult to apply and keeps uncertainty high.
In an article from the Tribune de Geneve Carlo Lombardi strengthen the role of the controller in this new banking world. He also acknowledges that ‘the [Swiss] federal government‘s release of the banking secrecy was inevitable, but the transition has not been well managed‘.