While announcing its full year 2014 results, Banque Morval SA, who overseas CHF 2bn, confirmed it withdrew from the US Tax Program. It previously entered the US Tax Program under Category 2.
’We did our due diligence in 2014, with our auditors, Swiss and American lawyers and the US accountants’ says Emanuele di Zanon Valgiurata the responsible person for the private banking arm and a member of the owners’ family. The lawyers advised to leave the program and the bank informed the US Department of Jusstice in the last
quarter of 2014.
Emanuele di Zanon Valgiurata adds that the whole process has cost a few hundred thousands to the bank, probably less than half a million.