Credit Suisse has agreed to pay 2.6 billion to the United States Government: U.S. Taxpayers hidden account information will be disclosed in the future by foreign banks because of this ground breaking agreement. Overseas banks will now fear criminal prosecution themselves and will probably fully cooperate with the U.S. Government.

The Justice Department is believed to be negotiating with Credit Suisse for access to information on the undisclosed offshore accounts that belong to U.S. Taxpayers. If the negotiations move forward as anticipated, this would set a precedent for the procedures of the investigations of banks in the future.

The Cayman Islands are the latest targets of ongoing Department of Justice (DOJ) and Internal Revenue Service (IRS) investigations of American taxpayers with undisclosed offshore bank accounts. The investigations of the past week in the Cayman Islands should serve as a warning to any U.S. Taxpayer with an undisclosed offshore bank account.

Swiss banks are continuing to send letters to U.S. Taxpayers with undisclosed Swiss accounts encouraging them to come forward and declare their undisclosed offshore accounts or be closed out.

If Credit Suisse reaches a deal with the Justice Department, the disclosure of U.S. Taxpayers undisclosed offshore account information would be part of the negotiations. This would also put into place the DOJ procedures of the investigations of banks in the future.