Tag Archive for NPAs

Two More Banks Reach NPAs With The Department of Justice

On June 19, 2015, the Department of Justice announced that two more banks reached resolutions under its Swiss Bank Program. Those banks are Bank Linth LLB AG (Bank Linth) and Bank Sparhafen Zurich AG (BSZ).

According to the terms of the non-prosecution agreements, each bank has agreed to cooperate in any related criminal or civil proceedings, demonstrate that it is implementing controls to stop misconduct involving unreported U.S. accounts, and pay penalties. In exchange, DOJ has agreed not to prosecute these banks for tax-related crimes.

In addition, each bank is encouraging its U.S. accountholders to come into compliance Read More

Written by | Posted in OVDP

4 More Banks Reach Resolutions With U.S. Government For NPAs

On May 28, 2015, the Department of Justice announced the addition of four banks to its Swiss Bank Program. They are as follows:

• Société Générale Private Banking (Lugano-Svizzera)

• MediBank AG

• LBBW (Schweiz) AG

• Scobag Privatbank AG

For those unfamiliar with the Department of Justice’s Swiss Bank Program, a slight digression may be in order. The Swiss Bank Program was unveiled on August 29, 2013. Read More

Written by | Posted in FBAR • Tax Fraud/Evasion/Crimes