USA and Switzerland have reached an agreement regarding Foreign Account Tax Compliance Act (FATCA) exemption for accounts held by lawyers or notaries.
According to the newly inserted clause, accounts held for specific purposes by notaries or lawyers for their clients will be excluded from the scope of the application of FATCA. The institution maintaining the account will not need to identify the clients concerned. Given that the lawyers or notaries confirm in writing that the accounts satisfy agreed FATCA exemption.
Swiss Federal Council states, it will help to maintain professional confidentiality of notaries and lawyers under local law. The Swiss Bankers Association will make necessary steps to enable banks to implement the new clause.