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Swiss Bank Pays for Helping U.S. Clients Evade Taxes
Here's a sure way to lose half your cooperation credit in a federal investigation: Let your in-house counsel advise employees not to cooperate with U.S. prosecutors. That's what Swiss government-owned Zürcher Kantonalbank did, and now it owes the United States $98.5 million in restitution, forfeiture and fines. The Zurich-area institution is the largest canton (township) bank and the fourth largest bank in Switzerland.
U.S. Attorney Geoffrey Berman for the Southern District of New York in Manhattan announced in July that the agency had reached a three-year deferred prosecution agreement with the ZKB. The bank admitted to conspiring to help U.S. taxpayer-clients evade about $39 million in taxes by hiding their funds in offshore accounts at the bank from 2002 to 2009.
In a statement, the ZKB said paying the penalty “will have no negative impact on the bank's 2018 financial results.” It said it has “adjusted its crossborder wealth management business since 2009,” and is “committed to a strict tax-compliance business policy,” focusing on markets in Europe. Dr. Jörg Müller-Ganz, chairman of the board of directors, said in the statement: “We are relieved that after seven years, we were able to conclude the investigation following an objective dialogue with the U.S. authorities. The solution that has now been reached marks the end of this matter and removes any related uncertainties. We look forward to forging ahead with the positive development of our bank.”
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