News & Analysis as of

Tax Evasion Department of Justice (DOJ) Banks

Orrick, Herrington & Sutcliffe LLP

DOJ charges Swiss Bank with fraudulent activity; settles with bank to suspend charges

On December 4, the DOJ announced a deferred prosecution agreement and charges, in the Southern District of New York, a Swiss bank, requiring approximately $122.9 million in restitution for defrauding the U.S. government and...more

The Volkov Law Group

DOJ Charges Two Austrian Bankers with Money Laundering as Part of Massive Odebrecht Bribery Scheme

The Volkov Law Group on

The Department of Justice is starting to launch its FCPA enforcement profile after a brief lull in DOJ’s transition to a new administration.  This enforcement lull occurred in the transition to the prior administration in...more

Blank Rome LLP

Swiss Banks Bank Zweiplus and Banca Stato Have Entered into Non-Prosecution Agreements under the DOJ’s Swiss Bank Program

Blank Rome LLP on

Two more Swiss banks have reached resolutions with the Justice Department under its Swiss Bank Program. Yesterday, DOJ announced that bank zweiplus ag (Bank Zweiplus) and Banca dello Stato del Cantone Ticino (Banca Stato)...more

Blank Rome LLP

Three More Swiss Banks Resolve Their Tax Issues with the United States

Blank Rome LLP on

The Justice Department continues to announce resolutions with banks under its previously-announced Swiss Bank Program. On August 6, DOJ announced the names of three more Swiss banks receiving non-prosecution agreements:...more

BakerHostetler

Julius Baer Likely Next to Settle U.S. Tax Allegations

BakerHostetler on

During a meeting with shareholders on April 15, Daniel Sauter, Chairman of Julius Baer Group Ltd., said the bank was at “an advanced stage of talks” with U.S. authorities. The U.S. Department of Justice has been investigating...more

Latham & Watkins LLP

Foreign Banks and Bankers Face New Risks From Swiss Bank Amnesty

Latham & Watkins LLP on

The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad. The US Department of Justice (DOJ) has announced the first non-prosecution agreement (NPA) with BSI, SA, (BSI)...more

BakerHostetler

BSI Is First Bank to Reach Resolution in DOJ’s Program for Swiss Banks

BakerHostetler on

BSI of Lugano, Switzerland, became the first bank to earn a non-prosecution agreement under the U.S. DOJ’s Program for Swiss Banks, paying a penalty of $211 million. First announced on August 29, 2013, the program offered...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Latest Swiss Cross-Border Tax Investigation Reflects Wider US Enforcement Agenda"

Authorities in the U.S. continue to crack down on foreign financial institutions that have allegedly aided U.S. taxpayers in evading their tax obligations. On May 19, 2014, Credit Suisse AG pled guilty to conspiracy to aid...more

Blank Rome LLP

DOJ Issues Further Guidance on Swiss Bank Program

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Recently the Justice Department’s Tax Division issued further “comments” regarding its “Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks.” In prior posts we have described this program designed to...more

Latham & Watkins LLP

US Allows Swiss Banks With Undisclosed Accounts To Wipe the Slate Clean

Latham & Watkins LLP on

United States Department of Justice issues further information on amnesty program for Swiss banks, including details on the selection of an Independent Examiner. On November 5, 2013, United States Department of Justice...more

Dechert LLP

U.S. Department of Justice Awaits Swiss Banks’ Voluntary Disclosure of Banking Activities

Dechert LLP on

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...more

BakerHostetler

U.S. DOJ Offers Landmark Non-Prosecution Deal for Swiss Banks

BakerHostetler on

On August 29, 2013, the U.S. Department of Justice announced a program, supported by the Swiss government, to encourage all Swiss banks to admit their role in U.S. tax evasion in exchange for non-prosecution agreements and...more

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