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Last month, Switzerland's oldest bank, Wegelin & Co, announced it was selling most of its business after it was indicted in the U.S. for conspiring to help American clients hide more than $1.2 billion from the Internal Revenue Service. Talks to resolve the long-running U.S.-Swiss tax spat over how to pursue suspected tax evaders recently suffered a blow when a Swiss court blocked the handover of one unnamed bank client's data to U.S. authorities. The Federal Administrative Court ruled that a 1996 treaty between Switzerland and the United States doesn't allow the U.S. Internal Revenue Service to request the account details of potential tax cheats without clear evidence of fraudulent intent. Germany has said its state coffers could increase by some (EURO)10 billion ($13 billion) next year after Switzerland agreed to a new tough bilateral tax evasion treaty. The agreement signed by officials from both countries in Switzerland earlier this month seeks to end a long-running dispute over German tax evaders who keep their money in Swiss bank accounts. Switzerland also has agreed to increase the charge it levies on British taxpayers' Swiss bank accounts after London demanded the same treatment as Germany. Switzerland had offered Germany a higher rate in an attempt to win over the country's opposition Social Democrats.
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