BSI Will Pay $211 Million to Avoid Criminal Prosecution in U.S.May 15, 2015
BSI became the first bank to reach a resolution under the U.S. Justice Department’s Swiss Bank Program.
BSI, one of the largest private banks in Switzerland, became the first bank to come to a resolution under the Swiss Bank Program, a U.S. Justice Department program offering Swiss banks the opportunity to resolve any potential criminal liabilities for which they feel they may have exposure as a result of undisclosed accounts. Swiss banks were given a December 2013 deadline to sign up for the program and the Justice Department is expecting to reach agreements with many other Swiss banks before the end of this calendar year.
- Cooperate in any related criminal or civil proceedings,
- Demonstrate it has put controls in place to stop misconduct involving undeclared accounts held by U.S. taxpayers, and
- Pay a $211 million penalty in return for the Justice Department’s agreement not to prosecute the bank for tax-related criminal offenses.
For more details on BSI’s agreement, as well as other potential agreements to come, read our article “BSI Will Pay $211 Million to Avoid Criminal Prosecution in U.S.”
The article also includes a sidebar regarding Switzerland’s plan to align corporate tax law with standards under the OECD.
Questions? Contact any member of our Global Tax Services team.