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US regulations

August 8, 2011

The US government’s widening investigation into six more Swiss private banks could cause the country’s banks to cut all ties with American clients, according to a top London lawyer.

The US government’s widening investigation into six more Swiss private banks could cause the country’s banks to cut all ties with American clients, according to a top London lawyer.

Edward Reed, a partner at London-based Macfarlanes, told Campden: “Swiss private banks will begin to pull out from US exposed deals – they will stop handling not just US nationals, but also green card holders and anyone even remotely affected by tax regulations.”

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