On August 29, 2013, the United States and Switzerland announced their mutual agreement to a Program for Swiss banks to make disclosures to the U.S. government in exchange for the U.S. Department of Justice’s agreement not to prosecute or criminally investigate the Swiss banks.

On August 30th the US Department of Justice announced that the U.S. and Swiss governments have reached an agreement for Swiss banks to disclose the identities of US account holders and to pay penalties for helping US taxpayers evade taxes – ending Switzerland’s long-standing tradition of strict bank secrecy.

A recent Times of India article reported that, UK-based HSBC has been cooperating with the Internal Revenue Service by providing responsive documents concerning the enforcement investigations of undisclosed offshore accounts held by U.S. Taxpayers.

On April 30, 2013 the Department of Justice's announced that a federal court in San Francisco authorized an order for the Internal Revenue Service (IRS) and the Department of Justice to serve a John Doe summons.

Wegelin & Co. pleads guilty to conspiracy charges for assisting U.S. taxpayers in committing tax evasion. Managing Partner of the Thorn Law Group, Kevin E. Thorn, comments on the effects these charges will have on U.S. clients with undisclosed offshore accounts.