ASHINGTON (Sputnik) — Privatbank Reichmuth & Co., Banque Cantonale du Jura SA and Banca Intermobiliare di Investimenti e Gestioni SA all reached an agreement with the Justice Department under its Swiss Bank Program.
“The department is acquiring detailed information regarding the many ways in which US taxpayers attempt to hide foreign assets, including through the use of sham trusts and insurance policies wrapped around foreign bank accounts to shroud the identity of US beneficial owners,” the Justice Department’s Tax Division Acting Assistant Attorney General Caroline Ciraolo said in the release.
The three banks signed non-prosecution agreements, vowed to cooperate in any related criminal or civil proceedings, implement controls to stop misconduct involving undeclared US accounts, and pay penalties to the Justice Department.
In the past eight months, eight Swiss Banks have concluded similar agreements with the US government, according to the Justice Department.
In total, the three banks held some $300 million in assets belong to 224 US citizens.
The program seeks to ensure cooperation between Swiss banks and US financial and legal authorities in uncovering assets of American individuals and companies who avoid disclosing their assets to tax authorities. Under the program, Swiss banks can resolve potential criminal liabilities in the United States in return for revealing the details of undeclared US-related accounts.
“The department is dismantling these structures, unwrapping these policies, and pursuing and prosecuting those involved in this fraudulent conduct,” Ciraolo said.
Under the penalty provisions of the program, banks seeking a non-prosecution agreement must agree to a penalty in an amount equal to 20 percent of the maximum aggregate dollar value of all non-disclosed US accounts that were held by the bank on August 1, 2008.
The penalty amount increases to 30 percent for secret accounts that were opened after that date but before the end of February 2009, and rises to 50 percent for secret accounts opened later than that date.
