Swiss bank HSZH Verwaltungs has reached a resolution with the US Department of Justice (DoJ) over the tax evasion cases under Category 2 of the department’s Swiss bank programme.
The bank has agreed to pay a penalty of more than $49m to avoid prosecution over allegations that it helped wealthy Americans evade taxes.
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The DoJ said that HSZH maintained a total of 605 US related accounts with an aggregate value of $1.12bn since 1 August 2008.
Until 2013, HSZH conducted a US cross-border banking business that assisted its American clients in opening and maintaining undeclared accounts in Switzerland.
HSZH, founded in 1889, was once owned by UBS and later by St. Galler Kantonalbank. It was wound down in 2014 and changed its name to HSZH Verwaltungs.
IRS criminal investigation chief Richard Weber said: "The bank agreement with HSZH announced today may bring an end to one phase of the Swiss Bank Program, but more importantly it brings us closer to our overall goal of compliance and accountability for financial institutions and U.S. taxpayers."
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By GlobalDataThe Justice Department has executed agreements with 80 Swiss banks since 30 March 2015 and has imposed a fine of more than $1.36bn on them.
