Swiss bank signs up to fight tax evasion

Valiant Bank has become the first financial institution in Switzerland to join up with the United States to help fight tax evaders, according to news reports.

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The U.S. and Switzerland reached a deal last year, after the American government fought to roll back Swiss bank secrecy. 

The Swiss banking giant UBS already paid $780 million several years ago, and agreed to hand the names of American clients to the federal government. Banks like Valiant that enter the new deal could also potentially face financial penalties.