Switzerland has become the first country to agree to allow its financial institutions to directly report account details of US taxpayers to the Internal Revenue Service under the upcoming Foreign Account Tax Compliance Act, with no requirement for US institutions to supply reciprocal details.

The Swiss are the first nation to use the so-called "Model 2" of Fatca, where financial institutions report US account holder details direct to the IRS . Under this model, there is no requirement for the US to reciprocate with details of the US bank accounts of Swiss nationals.