More Swiss banks to close, experts predict

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Many more Swiss banks are likely to close from next year as US authorities continue to investigate tax evasion, with the former head of the US Internal Revenue Service (IRS) investigation into UBS reaffirming the agency's commitment to pursuing offshore tax evasion.

Since 2009, the IRS has been investigating tax schemes for high-net-worth US citizens at 14 Swiss private banks. Two – Wegelin and Bank Frey – have closed their doors in the last year as a result of large fines and reputational damag

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