Switzerland-based BHF-Bank (Schweiz) has reached a resolution with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
The bank has agreed to pay a penalty of $1.76m to the US to avoid prosecution over allegations that it helped US citizens avoid paying taxes.
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Under the terms of the non-prosecution deal, BHF-Bank 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 BHF held a total of 125 US related accounts with an aggregate value of $202.96m since 1 August 2008.
The bank offered several Swiss banking services that could assist US clients in the concealment of assets from the IRS including hold mail services and debit cards, which enabled US clients to access undeclared accounts without visiting BHF.
The DoJ added that Plinius, a subsidiary of BHF, also assisted with referrals to set up various types of structures, including Liechtenstein Anstalten and Stiftungen, and British Virgin Islands and Panamanian entities.
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By GlobalDataFounded in 1974, BHF-Bank (Schweiz) is a wholly-owned Swiss subsidiary of BHF-BANK Aktiengesellschaft (BHF-BANK AG), a private bank in Germany.
