Daily Management Review

Finter Bank to Pay $5.41 Million in U.S. Tax Agreement


Finter Bank Zurich agreed to pay a fine of 5.4 million dollars for concealing accounts of Americans who evaded taxes.

As reported on Friday by the US Department of Justice, "the bank signed an agreement on cooperation in all criminal and civil processes, thereby demonstrating the intention to terminate the activities related to undeclared US accounts."

The report states that "from August 1, 2008, this bank opened 283 accounts associated with the United States, totaling approximately $ 235 million."

- Since its inception in 1958 and until at least 2011, the Bank, through its managers, employees and others, helped American clients open and maintain undeclared accounts in Switzerland and kept there hiding assets and income from the United States Internal Revenue Service, - is said in the statement.

It states that "Finter Bank helped American clients to eliminate paper documents related to such accounts as well as in attracting nominees as nominal owners of the means."

In 2013, the US government announced a program to prevent the concealment of US assets in Swiss banks. Structures have agreed to cooperate with the US authorities appear from the application of this program. As noted, a number of banks have already agreed to such a move, a few dozen can take it in the near future.

April 24, the US Senate approved the Loretta Lynch for the post of Attorney General. 54-year-old became the first African-American woman Lynch and the second woman in this position.

For the approval of candidacy Lynch, formerly a federal prosecutor in New York, as the Attorney General voted 56 senators, against - 43, reports BBC.

Barack Obama has offered her to the post in November, but its adoption was delayed for several reasons.

Lynch came to replace Eric Holder, who became the first African American to head the US Department of Justice.

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