Ths US Department of Justice (DoJ) confirms an agreement with Sparhafen Zurich AG (BSZ) and annoounced an agreement with Bank Linth LLB AG (Bank Linth), both establishments are Category 2 banks under the US Tax Program.
According to the terms of the non-prosecution agreements (NPA) signed with the DoJ ‘each bank agrees to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared US accounts and pay penalties in return for the department’s agreement not to prosecute these banks for tax-related criminal offenses’.
In accordance with the terms of the US Tax Program, the banks described in detail the structure, operation and supervision of their US cross-border business, including the names of relevant individuals and entities. It also encouraged existing and prior holders of US-related accounts to disclose their accounts to the IRS through the Offshore Voluntary Disclosure Program.
In the NPA we learn that since August, 2008, BSZ held 91 U.S.-related accounts, with over $25 million in assets. BSZ will pay a penalty of $1.81 million.
In the NPA we learn that since August, 2008, Bank Linth held 126 U.S.-related accounts, with over $102 million in assets. Bank Linth will pay a penalty of $4.15 million.