US Department of Justice Awaits Swiss Banks’ Voluntary Disclosure of Banking Activities

October 10, 2013

The U.S. Department of Justice (“DOJ”) established a Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks (the “Program”) on August 29, 2013. The Program is intended to facilitate a resolution with the approximately one hundred Swiss Banks not already under investigation in connection with the DOJ’s ongoing probe of the use of foreign bank accounts to commit tax evasion from August 2008 forward (the “Applicable Period”). The DOJ and Swiss authorities are cooperating, having jointly announced the Program, and in that announcement noting that Switzerland “intends to draw the attention of the Swiss Banks to the terms of the Program and encourages them to consider participating therein,” with the DOJ further warning of “significant risks for individuals and banks that continue to fail to cooperate.”

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