Swiss banks Bank Linth and Bank Sparhafen Zurich (BSZ) have reached resolutions with US Department of Justice over the tax evasion cases under the department’s Swiss bank programme.

Under the deal, Bank Linth and BSZ will pay $4.15m and $1.81m respectively, to avoid prosecution over allegations accusing them of helping Americans evade taxes.

The voluntary program, which was announced on 29 August 2013, allows Swiss banks to resolve potential criminal liabilities in the US. It will mandate the banks to make complete disclosures of their cross-border activities.

The Department of Justice acting assistant attorney general of tax division Caroline Ciraolo said: "With each agreement signed under the Swiss Bank Program, we are learning more and more about the schemes individuals are employing to hide their assets overseas.

"At this point, the message should be clear. Those who use foreign jurisdictions to evade their U.S. tax obligations will be held fully accountable and pay a heavy price for their conduct."

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