Thursday, September 12, 2013

Swiss Bank Rahn & Bodmer Under DOJ Criminal Investigation (9/12/13)

Swiss Bank Rahn & Bodmer, here, has admitted that it has been advised that it is under DOJ criminal investigation and therefore is excluded from the recently announced settlement regime.  See UPDATE 1-Another Swiss private bank under U.S. tax investigators' spotlight (Reuters 9/11/13), here.  For a prior blog on the settlement, see DOJ Tax Announcement on U.S. Swiss Deal (8/29/13; Updated 8/30/13), here.

The bank was just notified recently of the investigation and according to the article:
However, Rahn said he did not believe his bank was being investigated as a result of data passed on by other banks as it had stopped accepting undeclared U.S. assets in 2008 and advised clients with such assets to make voluntary disclosures to the U.S. authorities.
"It is difficult to evaluate whether being in the first group of banks is better for us or not," he said.
Any readers care to comment?

It is the oldest bank remaining in the German-speaking part of Switzerland after St. Gallen-based Wegelin shut its doors earlier this year following an indictment and fine by U.S. authorities for conspiring to help U.S. clients evade taxes.

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