The Swiss newspaper L’Agefi analyses the recent withdrawal from the Category 2 of US Program from a dozen of banks. According to the journalist the process is the result of the analytical work conducted in 2014. Encouraged by the FINMA, at the end of 2013, 106 banks rushed to join the US Program under Category 2, i.e. banks that are not already under investigation by the US Department of Justice (DoJ) but have reasons to believe that they have committed tax-related offenses.
The newspaper points out that the existence of offshore structures is considered by the DoJ as a clue to indicate that an establishment might be guilty. However the main element to be considered for leaving the US Program or changin categories is the bank’s strategy for US-related clients after 2008.