Daily Management Review

The United States Fined 80 Swiss Banks


01/28/2016


The US Justice Department has reached an agreement on cooperation with 80 Swiss banks that have agreed to pay a fine to avoid a judicial inquiry. As a result, the US government imposed on financial institutions in Switzerland more than $ 1.3 billion in fines.



Roland zh
Roland zh
The US Justice Department said on Wednesday that US authorities have fined the 80 Swiss banks for a total of $ 1.36 billion since March 2015. This enabled the financial institutions in Switzerland to avoid prosecution.

As noted in the press release, the investigation in respect of the aforementioned 80 banks is completed. However, they will be required to continue to cooperate with the US authorities. Now the Ministry of Justice examines the activities of financial institutions of Israel and the Caribbean, notably the Cayman Islands and Belize.

In August 2013, the US Justice Department announced launch of a special program that will allow any Swiss banks to voluntarily inform the authorities about any actions that may be regarded as a violation of US tax law. Under this program, banks were required to provide information on accounts and transfers to US customers who were trying in any way to withdraw money from the US tax system. For cooperation with the authorities, the Swiss banks received assurance that the investigation into their activities will not end with litigation. At the same time, the banks, which had already been prosecuted by the time of the program’s launch, were not able to take advantage of it.

The American campaign against tax evasion has intensified after 2009, when it became known that the UBS Group helps its clients-US citizens hiding savings abroad. Since then, the authorities have managed to collect more than $ 13 billion to secret offshore accounts.

source: ft.com






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