The unified front with which Switzerland's banks have defended their culture of secrecy is breaking down as some prepare to hand over data in a U.S. tax evasion probe, leaving others at greater risk of prosecution. The Swiss government is trying to push through a law that would allow banks to release the information on clients, helping 13 banks under formal investigation to avoid criminal prosecution including Credit Suisse and Julius Baer. Although the move could deal a further blow to Switzerland's waning status as a discreet parking house for undeclared wealth, the government hopes it will head off more determined action by U.S. prosecutors. But some banks not named in the investigation, along with thousands of tax lawyers, custodians and small asset managers, fear the government is hammering out a deal that ignores their concerns and leaves them exposed to potential criminal lawsuits. "This isn't a deal at all," said the Swiss Association of Asset Managers in a statement.
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