Switzerland bank Schaffhauser Kantonalbank (SHKB) has reached resolution with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
SHKB has agreed to pay a penalty of $1.613m to avoid prosecution over allegations that it helped wealthy Americans evade taxes.
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Under the terms of the non-prosecution deal, SHKB agreed to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to prevent misconduct involving undeclared US accounts and pay penalties.
The US DoJ in a statement said that the bank held a total of 182 US related accounts with approximately $84.5m in assets under management.
The bank opened and maintained accounts at SHKB were not complying with their US income tax and reporting obligations. It also offered services including mail holding and code name or numbered accounts to its US clients.
The department added that SHKB also arranged for the issuance of credit, debit or travel cards to the beneficial owners of some US related accounts and also issued checks, including series of checks with less than $10,000 that were drawn on accounts of US taxpayers.
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By GlobalData
