Swiss bank Valiant is first to bow to U.S. tax probe

Valiant Holding AG has become the first Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts. This decision does not endanger the distribution of an unchanged dividend,” Valiant said in a statement published late on Monday. Valiant said an internal review showed it had never actively sought U.S. clients or visited Americans to drum up business. The bank began transferring business with wealthy Americans into an entity registered with the Securities and Exchange Commission in 2008, when the crackdown intensified.    

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