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    Justice Dept Hits Swiss Bank HSZH With $49Mln in Penalties for Tax Evasion

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    The HSZH Verwaltungs AG bank in Switzerland has agreed to pay more than $49 million in penalties to the US government.

    WASHINGTON (Sputnik) — The HSZH Verwaltungs AG bank in Switzerland has agreed to pay more than $49 million in penalties to the US government for holding accounts of US tax evaders, the Department of Justice announced in a press release.

    "The Department of Justice… announced today that it reached its final non-prosecution agreement under Category 2 of the Swiss Bank Program, with HSZH Verwaltungs AG (HSZH)," the release stated on Wednesday.

    The Justice Department has now executed agreements with 80 Swiss banks since March 30, 2015 and has imposed more than $1.36 billion in penalties on them, including more than $49 million on the HSZH, the release pointed out.

    "Every bank in the program, including HSZH, is required to cooperate in any related criminal or civil proceedings, and that cooperation continues through 2016 and beyond," it added.

    Until 2013, HSZH conducted a US cross-border banking business that aided and assisted certain of its American clients in opening and maintaining undeclared accounts in Switzerland, which concealed their assets and income from the US government, the release noted.

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    penalty, US Justice Department, DOJ, HSZH Verwaltungs AG, Switzerland, United States
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