Swiss offshore bank Finter Bank Zurich has signed a non-prosecution agreement with the US Department of Justice’s under the latter’s Swiss Bank Program.
The Swiss Bank Program enables Swiss lenders to resolve potential criminal liabilities in the US.
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Under the non-prosecution deal signed with the US, Finter Bank has agreed to cooperate in any related criminal or civil proceedings, and showcase its implementation of controls to prevent misconduct regarding undeclared US accounts, caribbeannewsnow.com reported.
The Zurich-based bank has also agreed to pay a fine of $5.414m in return for the department’s agreement not to prosecute Finter for tax-related criminal offenses.
Since its establishment and continuing through at least October 2011, Finter has helped US clients dodge taxes by helping them open and maintain undeclared Swiss accounts and hiding them from the Internal Revenue Service with the help of its managers, employees and others.
The bank also offered services enabling US clients to phase out the paper trail related to the undeclared assets and income, including hold mail services and numbered and coded accounts.
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By GlobalDataAt the same time, it helped clients in using sham entities as nominee beneficial owners of undeclared accounts.
In order to resolve its criminal liabilities under the Swiss Bank program, the lender has now encouraged US accountholders to participate in the IRS Offshore Voluntary Disclosure Program.
