Wednesday, December 23, 2015

Five More Banks Obtain NPAs under DOJ Swiss Bank Program (12/23/15)

On December 23, 2015, DOJ announced here and here that 5 more banks have entered NPAs under the DOJ program for Swiss banks, here.  The penalties, aggregating $215.735 million are:

Bank J. Safra Sarasin AG
$85.809 million
Banque Cantonal du Valais
$2.311 million
Banque Cantonale Vaudoise
$41.677 million
Coutts & Co Ltd
$78.484 million
Gonet & Cie
$11.454 million

The banks will be added to the IRS's Foreign Financial Institutions or Facilitators, here.  As indicated in the last quoted paragraph, accountholders in the listed banks joining OVDP after one of their banks are listed will be subject to the 50% penalty in OVDP (provided that they do not opt out, in which case, who knows).

Here are the updated statistics for the Swiss Bank Program:

US DOJ Swiss Bank Program
Number Resolved
Total Costs
   U.S. / Swiss Bank Initiative Category 1 (Criminal Inv.) *
   U.S. / Swiss Bank Initiative Category 2 **
   U.S. / Swiss Bank Initiative Category 3

   U.S. / Swiss Bank Initiative Category 4

Swiss Bank Program Results


* Includes subsidiary or related entities counted as separate entities, so the numbers may exceed the numbers the IRS and DOJ posted numbers which combine some of the entities.

** DOJ says original total was 106 but that it expects about 80 to complete the process.

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