Switzerland has been under intense pressure to find a way to allow its banks to share information with U.S. authorities

The New Europe

Chipping away at Swiss bank secrecy

By Alanna Petroff @AlannaPetroff July 5, 2013: 7:57 AM ET

Credit Suisse is among the Swiss banks that is in ongoing discussions with the U.S. Department of Justice to avoid legal action.

LONDON (CNNMoney)

Switzerland issued new guidelines this week to its banks that should make it easier for the U.S. to catch American tax evaders who are hiding money in offshore accounts.

Switzerland has been under intense pressure to find a way to allow its banks to share information with U.S. authorities so they may avoid potentially crippling legal action. 

The Swiss government intervened after parliament nixed changes to a rule that prevented the banks from cooperating with the U.S. 

The new guidelines allow the banks to apply for permission to provide the U.S. with certain information about offshore bank accounts. They're still blocked from revealing information about individual clients, but can share details about employees who worked on the accounts and about accounts that were transferred to other banks.