Luzerner Kantonalbank (pictured), Habib Bank, Banque Heritage and Hyposwiss Private Bank Genève will each contribute to the $25 million penalty
Keystone
The US Department of Justice (DoJ) announced on Thursday that four Swiss banks will collectively pay a penalty of $25 million (CHF24.7 million) as part of the bank programme to resolve criminal liability issues related to tax evasion.
This content was published on
1 minute
swissinfo.ch
Luzerner Kantonalbank, Habib Bank, Banque Heritage and Hyposwiss Private Bank Genève have all agreed to pay a settlement, and have signed a non-prosecution agreement with the DoJ, meaning they will continue to cooperate with the department.
“With each agreement executed under the Swiss bank programmeExternal link, the department continues to eradicate Swiss bank secrecy and hold accountable those financial institutions that profited from wilfully assisting accountholders in the evasion of their US tax obligations,” said Caroline Ciraolo, acting assistant attorney of the DoJ Tax Division, in a statementExternal link.
More
More
Remaining ‘hit list’ banks sweat over US verdicts
This content was published on
Zurich Cantonal Bank (ZKB) was named as Switzerland’s third ‘too big to fail’ bank last year owing to its high share of domestic credit it offers to individuals and companies. Basel Cantonal Bank (BKB) plays a vital role in Basel city and canton while Julius Bär, the third biggest Swiss wealth manager, and Pictet are…
“Working with our partners at the Internal Revenue Service, we are following leads and pursuing criminal and civil investigations focused on targets around the globe.”
The Swiss bank programme was established in 2013 to address criminal liability issues surrounding tax evasion by US clients of Swiss banks.
Under the programme, banks must disclose information about potential tax-related offences in connection with undeclared US-related accounts and pay any associated penalties.
In exchange for the banks’ cooperation, the DoJ agrees not to prosecute the banks for tax-related criminal offences.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Remaining ‘hit list’ banks sweat over US verdicts
This content was published on
Zurich Cantonal Bank (ZKB) was named as Switzerland’s third ‘too big to fail’ bank last year owing to its high share of domestic credit it offers to individuals and companies. Basel Cantonal Bank (BKB) plays a vital role in Basel city and canton while Julius Bär, the third biggest Swiss wealth manager, and Pictet are…
This content was published on
Big banks, which sparked the US crackdown by knowingly or recklessly harbouring untaxed assets, have the financial clout to absorb costs and fines. But regional institutions, making up one in four of all Swiss banks, may face a harsher ultimate penalty, despite shouldering a far lesser burden of guilt than larger rivals. In August, Switzerland…
This content was published on
On Wednesday the House of Representatives finally threw out plans to allow banks to pass over confidential data to the US. The biggest fear is that the US Department of Justice (DoJ) will renew the type of prosecutions that sparked the demise of Wegelin bank earlier this year. “It is very likely that [the DoJ]…
This content was published on
A steady trickle of clients became a torrent in 2009 when the United States punished UBS bank for assisting tax evaders. But the sluice gates were opened in August last year when Swiss banks were given the chance to turn in their US customers in return for immunity against criminal prosecution. Since then, thousands of…
This content was published on
On Monday, US Attorney General Eric Holder said no company was “too big to jail” and pledged to pursue any institution that breaks US laws. His comments sparked rumours that he was specifically referring to Credit Suisse, which is under investigation for alleged tax evasion offences. It has emerged that the bank has adapted its…
This content was published on
Two test cases, involving five complainants, have already been launched to find out what personal data was transferred to the US and then to issue criminal proceedings against banks and the Swiss state. Geneva-based lawyer Douglas Hornung, who represents 40 bank workers (two of whom started legal proceedings last week), said they felt “betrayed” by…
This content was published on
In March, Judge Jed Rakoff ordered the bank to pay a fine of $74 million (CHF65.5 million) for helping US citizens to dodge taxes. Wegelin had virtually ceased operations a year earlier when it sold its non-US business to the Raiffeisen group for CHF560 million. While the bank itself has felt the full weight of…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.