The Swiss Senate has passed a government plan to let Swiss banks settle tax probes by the United States. The draft law now goes to the House of Representatives next week.
The 46-seat chamber on Wednesday approved the plan, designed to solve the issue without overturning Swiss banking secrecy laws, by 24 votes to 15 with two abstentions.
Lawmakers are divided over the plan to allow Swiss banks, suspected of helping wealthy Americans hide their money, to disclose data to US prosecutors to help settle investigations into tax evasion.
If the draft law succeeds, Swiss banks then have 120 days to hand over the internal information to US authorities.
More to follow