Swiss banks Luzerner Kantonalbank, Habib Bank Zurich (HBZ), Banque Heritage and Hyposwiss Private Bank Genève (Hyposwiss Geneva) have reached resolutions with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
The banks have collectively agreed to pay penalties totalling over $25m to avoid prosecution over allegations accusing them of helping Americans evade taxes.
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As per the terms of the non-prosecution agreements, the banks have agreed to cooperate in any related criminal or civil proceedings and demonstrate implementation of controls to prevent misconduct.
The US DoJ in a statement said that Luzerner held a total of 595 US related accounts with approximately $300m in assets under management since 1 August 2008. The bank offered Swiss banking services including hold mail and numbered accounts to assist US taxpayers in hiding their assets.
The HBZ Swiss Office helped US clients in establishing and maintaining undeclared accounts. HBZ maintained 125 US related accounts with approximately $118.9m in assets under management since 1 August 2008.
According to the US DoJ, Banque Heritage, a private bank based in Geneva, offered hold mail and opened accounts in the names of offshore structures and held 131 US related accounts with approximately $198m in assets under management since 1 August 2008.
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By GlobalDataThe bank had had 47 US related accounts with US beneficial owners that were held by entities in Panama, the British Virgin Islands, Hong Kong, Belize or other foreign countries.
While Hyposwiss offered Swiss banking services of hold mail and accounts with code names or numbers and also accepted instructions related to at least 22 US related accounts not to invest in US securities and not to disclose the names of US clients to IRS.
The department added that Hyposwiss Geneva processed large cash and gold withdrawals totalling $3.4m for at least nine US taxpayers as well as opened and maintained at least 21 undeclared accounts in the names of structures that were beneficially owned by US taxpayers.
Since 1 August 2008, Hyposwiss Geneva held a total of 91 US related accounts with approximately $74.9m in assets under management.
