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October 30, 2015updated 04 Apr 2017 1:34pm

Four more Swiss banks reach tax evasion deal with US DoJ

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.

By Verdict Staff

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.

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Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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The banks have collectively agreed to pay penalties totalling over $25m to avoid prosecution over allegations accusing them of helping Americans evade taxes.

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.

The 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.

Free Report
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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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