There has been talk amongst government officials of a Global Resolution, expected to come to terms within the next few months, between several foreign banks, in order to put an end to tax evasion within the U.S.  However, there is a catch.  In exchange for investigations against the foreign banks to be discontinued, the respective bank will be required to turn over all U.S. client names, which will then be used by U.S. government agencies to open criminal investigations against said taxpayer. HSBC, world-wide banking giant that has been under high scrutiny by U.S. officials, seems to have caught wind of the potential Resolution and is making plans to come into compliance with the U.S. government.

A New York lawyer admitted hiding more than $26.4 million in a Swiss bank to avoid paying taxes.  He also agreed to pay a fine of around $9.8 million.

The associated press has reported that Switzerland and the United States are talking about a joint settlement with other Swiss and European banks to avoid potential U.S. investigation and prosecution.

He is charged with failing to  file a Report of Foreign Bank and Financial Accounts form and for not disclosing an account at HSBC Bank Bermuda, according to a criminal charge filed today in federal court in Boston.

Credit Suisse has long assured their clients that they will not suffer the same fate as its rival Swiss counterpart, UBS, but it seems those assurances are not so sure.  On July 14, 2011, Credit Suisse received a formal letter from the U.S. Department of Justice, stating that the U.S. agency has opened an investigation against the bank for improper offshore banking practices.