Swiss Banks and the US Dept. of Justice

On 7/16/15 Reuters reported that three more Swiss banks will pay penalties to the United States as part of deals that mean they will not face criminal charges for helping Americans avoid taxes.

Mercantil Bank (Schweiz) AG will pay $1.172 million, Banque Cantonale Neuchâteloise will pay $1.123 million and Nidwaldner Kantonalbank will pay $856,000.

See complete article here.

On 7/9/15 BBC News reported that two more Swiss Banks agreed to a US tax evasion deal with the US DOJ (see: “Swiss Banks Agree US Tax Evasion Deal with Justice Dept“).

Swiss Bank, Banque Pasche will pay $7.22 B (which appears to be the largest sum agreed to date) and disclose up to 186 US taxpayer accounts from 8/08-8/13 especially in Monaco and Bahamas).

Swiss Bank, Arvest Privatbank, will pay $1.04B and disclose up to 52 US taxpayer accounts. Both banks will pay a fine, co-operate with authorities and not face criminal prosecution.

The banks agreed to provide additional information to the IRS to go after illegally concealed offshore accounts and the financial professionals who helped US taxpayers hide assets abroad.

To date, 15 Swiss banks have cut deals with the US DOJ under a voluntary program in which to report tax evasion. Many more deals are likely since over 100 Swiss banks have signed up for the program.

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  1. Swiss Banks and the US Dept. of Justice | Inter... - 27. Jul, 2015

    […] On 7/16/15 Reuters reported that three more Swiss banks will pay penalties to the United States as part of deals that mean they will not face criminal charges for helping Americans avoid taxes.  […]