As of July 2015, 15 foreign banks have entered into non-prosecution agreements with the United States Department of Justice. These foreign banks have had to agree to pay fines because of their role in helping U.S. affiliated accountholders to hide offshore accounts and to avoid paying taxes due on offshore income.  The DOJ has agreed these banks will not face criminal charges -- but there is a catch that goes beyond fines.  The banks have to turn over details on accountholders in the U.S.  Read More

Berner Kantonalbank AG has entered into a non-prosecution agreement.  The Department of Justice has agreed not to prosecute Berner Kantonalbank AG for tax-related offenses under Titles 18 and 26 of the United States Code or for monetary transaction offenses under Sections 5314 and 5322 of Title 31 of the U.S. Code.  In exchange for not being prosecuted by the DOJ, Berner Kantonalbank AG has agreed to provide detailed information on U.S.-affiliated accounts. Read More

The acting attorney general for the Tax Division of the Justice Department is pushing the U.S. Senate to ratify a tax treaty signed in September of 2009.  The treaty was between the United States and Switzerland, and it would amend Article 26 of the existing Swiss-U.S. tax treaty to implement the OECD standard from the OECD Model Tax Convention.   The OECD standard requires the contracting countries to exchange “such information as is foreseeably relevant” for carrying out the provisions of the tax treaty and enforcing domestic tax laws. Read More

Finter Bank in Zurich has become the latest financial institution to take advantage of the Swiss Bank Program. The program, announced in August of 2013, allows for Swiss banks to avoid criminal prosecution by paying fines and cooperating with authorities to provide information on accountholders. Read More