On Tuesday, the Swiss Finance Ministry reported that it had turned over tens of thousands of pages of documents related to bank employees who advised American clients suspected of evading taxes. The documents are all encrypted.
“We will only decode when we have found a solution with the United States on all the banks that are under discussion,” the finance minister, Eveline Widmer-Schlumpf, told Swiss television.
The U.S. is currently investigating 11 Swiss banks for helping wealthy Americans avoid paying taxes on offshore accounts. Switzerland is trying to negotiate a deal to drop the investigations in return for disclosing the names of U.S. clients and the payment of fines.