Liechtensteinische Landesbank (LLB) has set aside an additional CHF31 million (US$33 million) to resolve a US probe of its alleged role in helping American clients dodge taxes.
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LLB would become the third European bank, after Switzerland’s UBS and Wegelin, to settle with US authorities clamping down on offshore banks they accuse of helping wealthy Americans to avoid paying tax. The bank’s provisions for the US tax dispute now total CHF47 million.
LLB spokesman, Cyrill Sele, said: "It’s now a case of clarifying final details and finishing negotiations with the U.S. authorities." The Swiss arm of LLB, which is closing, would be excluded from this solution, Sele added.
LLB’s Swiss arm is one of more than a dozen banks in Switzerland under formal investigation by the US, including Credit Suisse, Julius Baer, the Swiss arm of Britain’s HSBC, privately held Pictet and local government-backed Zuercher Kantonalbank and Basler Kantonalbank.
Swiss banks will be allowed to cooperate with the US authorities under a government plan agreed in an attempt to help its banks avoid criminal charges.
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