The US Department of Justice (DoJ) has reached a resolution with Switzerland-based Privatbank Von Graffenried over the tax evasion cases under its Swiss Bank Program.
Under the terms of the non-prosecution deal, the Swiss private bank agreed to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared US accounts and pay penalties.
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In return, the US government will not prosecute Privatbank Von Graffenried for tax-related criminal offenses.
The Swiss private also has provided certain account information related to US taxpayers that will enable the US government to make requests under the 1996 Convention between the US and the Swiss Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income for, among other things, the identities of U.S. accountholders.
The US DoJ in a statement said Von Graffenried held a total of 58 US-related accounts with approximately $459 million in assets since 1 August 2008.
Von Graffenried has also agreed to pay a penalty of $287,000.
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By GlobalDataThe Swiss Bank Program, which was announced on 29 August 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the US.
However, banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the program.
