The Justice Department ended this phase of its Swiss Bank Program, which, since March 30, 2015, has provided a path for 80 Swiss banks to resolve potential criminal liability in the United States. The Department has imposed a total of more than $1.36 billion in penalties under the Program. In exchange for complying with certain requirements, including complete disclosure of possible tax-related criminal offenses in connection with undeclared U.S.-related accounts, the banks entered into non-prosecution agreements (“NPAs”) with DOJ. Under the NPAs, each bank must cooperate in related criminal or civil proceedings, show implementation of controls to stop tax-related misconduct, and pay penalties. To mitigate its penalty, each bank will encourage its U.S. account holders to become compliant with their U.S. tax and disclosure obligations, including through participation in the IRS Offshore Voluntary Disclosure Program. In January, three additional banks entered into NPAs with the Department.
|Union Bancaire Privée, UBP SA||1/6/16||$187m||NPA and Statement of Facts (“SOF”)|
|Leodan Privatbank AG||1/20/16||$500,000||NPA and SOF|
|HSZH Verwaltungs AG||1/27/16||$49.76m||NPA and SOF|