Swiss private banks Banque Pasche and Arvest Privatbank have reached resolutions with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
The programme requires Swiss firms to reveal how they helped wealthy American citizens evade taxes.
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The settlements are the latest in a series of 17 such agreements announced by the department since the start of 2015.
Under the deal, Banque Pasche will pay $7.229m and Arvest Privatbank $1.044m in penalties to the US to avoid prosecution over allegations accusing them of helping Americans evade taxes.
The US DoJ in a statement said both banks provided "detailed information" about foreign customer accounts and how the banks helped them conceal assets to avoid paying U.S. taxes.
"As required under the program, these banks will continue to cooperate as we aggressively pursue those individuals and the professionals who facilitated their criminal conduct," the statement added.
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By GlobalDataThe department said that Banque Pasche, which has an international banking presence including in Monaco and the Bahamas, helped US taxpayers relating to 186 accounts evade US taxes from August 2008 to August 2013.
While, Arvest Privatbank has had 52 US-related accounts since August 2008, which the department felt were used to dodge taxes.
Since August 2008 Arvest Privatbank had 52 US-related accounts, with a value of approximately $134m, which the department felt were used to dodge taxes.
