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Business Crimes Hotline
SWITZERLAND
New Round of Banks Reach Resolution Under DOJ's Swiss Bank Program
On Aug. 6, 2015, three additional Swiss banks reached agreements through the Department of Justice (DOJ) Swiss Bank Program, first announced in 2013. The program, aimed at preventing offshore tax evasion, gives Swiss banks the opportunity to resolve potential United States criminal charges ' specifically tax related offenses ' by entering into a non-prosecution agreement. Before a bank is afforded such protection, it must: 1) agree to fully disclose all cross-border activities; 2) provide details on accounts owned by U.S. taxpayers; 3) cooperate with all treaty requests for account information; 4) deliver information about other banks that are transferring funds to secret accounts; 5) agree to close all accounts for those account holders that do not comply with U.S. reporting laws; and 6) pay all applicable penalties.
The three most recent banks ' Privatbank Reichmuth & Co. SA, Banque Cantonale du Jura SA, and Banca Intermobiliare di Investimenti e Gestioni (Suisse) ' permitted “insurance wrapped” accounts (where the owner funds an insurance policy with assets in undeclared accounts), transferred money from banks under investigation to new accounts to avoid U.S. detection, and held mail related to the accounts on behalf of U.S. taxpayers to prevent disclosure to authorities. Richard Weber, Chief of IRS-Criminal Investigation remarked that these newest resolutions “emphasize the strength and stamina of the Swiss Bank Program” and the IRS Tax Division's continued dedication to “bring justice [to] those who would evade U.S. tax laws.”
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SWITZERLAND
New Round of Banks Reach Resolution Under DOJ's Swiss Bank Program
On Aug. 6, 2015, three additional Swiss banks reached agreements through the Department of Justice (DOJ) Swiss Bank Program, first announced in 2013. The program, aimed at preventing offshore tax evasion, gives Swiss banks the opportunity to resolve potential United States criminal charges ' specifically tax related offenses ' by entering into a non-prosecution agreement. Before a bank is afforded such protection, it must: 1) agree to fully disclose all cross-border activities; 2) provide details on accounts owned by U.S. taxpayers; 3) cooperate with all treaty requests for account information; 4) deliver information about other banks that are transferring funds to secret accounts; 5) agree to close all accounts for those account holders that do not comply with U.S. reporting laws; and 6) pay all applicable penalties.
The three most recent banks ' Privatbank Reichmuth & Co. SA, Banque Cantonale du Jura SA, and Banca Intermobiliare di Investimenti e Gestioni (Suisse) ' permitted “insurance wrapped” accounts (where the owner funds an insurance policy with assets in undeclared accounts), transferred money from banks under investigation to new accounts to avoid U.S. detection, and held mail related to the accounts on behalf of U.S. taxpayers to prevent disclosure to authorities. Richard Weber, Chief of IRS-Criminal Investigation remarked that these newest resolutions “emphasize the strength and stamina of the Swiss Bank Program” and the IRS Tax Division's continued dedication to “bring justice [to] those who would evade U.S. tax laws.”
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