Swiss private banks SB Saanen Bank and Privatbank Bellerive have reached resolutions with the US Department of Justice (DoJ) over the tax evasion cases under the department’s Swiss bank programme.
The programme requires Swiss firms to reveal how they helped wealthy American citizens evade taxes.
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Under the deal, SB Saanen Bank will pay $1.365m and Privatbank Bellerive will pay $57,000 in penalties to the US to avoid prosecution over allegations accusing them of helping Americans evade taxes.
As per the terms of the non-prosecution agreements, both the banks have agreed to cooperate in any related criminal or civil proceedings and demonstrate implementation of controls to prevent misconduct.
The department said that SB Saanen had maintained 110 US related accounts with a maximum aggregate value of approximately $62m since 2008.
The US DoJ revealed that SB Saanen provided a variety of traditional Swiss banking services which could assist US clients in concealing assets and income from IRS, including numbered or pseudonym accounts and holding mail at the bank.
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By GlobalDataSince August 2008, Bellerive had maintained 20 US-related accounts including a total of $68.9m in assets under management to evade taxes.
