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February 12, 2014updated 04 Apr 2017 2:30pm

Barclays private bank in Switzerland agree to participate in US tax probe

Barclays’ Swiss private bank has reportedly agreed to sign up for a US tax program and work with the US officials over a crackdown on wealthy Americans evading taxes through hidden offshore accounts.

By Verdict Staff

Barclays’ Swiss private bank has reportedly agreed to sign up for a US tax program and work with the US officials over a crackdown on wealthy Americans evading taxes through hidden offshore accounts.

According to Reuters, Barclays Bank (Suisse) SA and Barclays Bank plc Geneva Branch will participate in the programme, which requires a structured review of US accounts.

Barclays had been given a timeline of up to 30 April to complete the review.

In August 2013, the US and Switzerland signed a deal to allow some of the Swiss banks to pay fines to avoid criminal prosecution.

The programme will require the banks to provide some previously hidden information and pay a financial penalty.

Swiss banks face risk of potential fines as high as 50% of assets managed by them on behalf of their American clients, according to Reuters.

Barclays said: "This review is ongoing and the outcome of the review will determine whether any agreement will be entered into or sanction applied to Barclays Bank (Suisse) SA and Barclays Bank plc Geneva Branch."

Recently, the US Justice Department had received 106 requests from Swiss entities to participate in a settlement programme.

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