Swiss banks Rothschild Bank and Banca Credinvest have reached resolutions with US Department of Justice over the tax evasion cases under the department’s Swiss bank program.
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As part of the resolution, Rothschild Bank and Banca Credinvest will pay $11.5m and $3m, respectively, to avoid prosecution over allegations accusing them of helping Americans evade taxes.
The voluntary program, which was announced on 29 August 2013, allows Swiss banks to resolve potential criminal liabilities in the US. It will mandate the banks to make complete disclosures of their cross-border activities.
The banks will have to provide detailed information on an account-by-account basis for accounts related to US taxpayers and close accounts of accountholders who fail to come into compliance with US reporting obligations.
The Department of Justice’s Tax Division acting assistant attorney general Caroline Ciraolo said: "As each additional bank signs up under the Swiss Bank Program, more and more information is flowing to the IRS agents and Justice Department prosecutors going after illegally concealed offshore accounts and the financial professionals who help US taxpayers hide assets abroad."
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By GlobalDataRothschild Bank had US-related accounts with an aggregate maximum balance of about $1.5bn, while Lugano-based Banca Credinvest offered tax-evasion services to 31 US-related customer accounts that held just over $24m in assets.
