Saturday, July 14, 2018

NBP Neue Privat Bank (Category 1 Swiss Bank) Reported Ready to Settle with U.S. Prosecutors (7/14/18)

Finews reports that U.S. federal prosecutors have offered NBP Neue Privat Bank, Zurich, a nonprosecution agreement for payment of $5 million.  Peter Hody, Swiss Bank to Settle U.S. Tax Probe ( 7/13/18), here.

The paper reports that a "[a]  dozen Swiss banks are still waiting to settle a U.S. criminal probe into help tax dodgers and cheats."  These banks were in DOJ's category 1.  The paper reports that NBP was not originally in the first category, but moved into the category when U.S. prosecutors opened a criminal probe in 2013.

Also, the other category 1 banks settling -- Credit Suisse and Julius Baer -- have been required to enter deferred prosecution agreements, whereas NBP will get a nonprosecution agreement.

It has been a while since I focused on Category 1 banks.  My list of Category 1 banks (including now NBP) shows 17 in that category.  I include my list below.  My list includes UBS which was resolved before the categories were established, but still I suspect that there may be some error there.  I would appreciate hearing from anyone with the complete definitive list of Category 1 banks.

Financial Institution or Facilitator
Bank Frey & Co. AG
Bank Hapoalim (Switzerland)
Bank Julius Baer
Basler Kantonalbank
Clariden Leu
Credit Suisse AG
HSBC Private Bank (Suisse)
Liechtensteinische Landesbank (Switzerland) Ltd.
Mizrahi-Tefahot (Switzerland)
NBP Neue Privat Bank, Zurich
Neue Privat Bank
Neue Zürcher Bank
Pictet & Cie
Rahn & Bodmer
Wegelin & Co.
Zürcher Kantonalbank

Addendum 10/4/18:  This list includes non-Swiss Banks.  Technically, as I understand it, only Swiss banks are in formal category 1 because it was part of the DOJ Swiss Bank Program.  However, as I became aware of other foreign banks under criminal investigation I just arbitrarily put them in category 1 so that I would have a complete list of banks under criminal investigation.  (I infer that foreign banks under criminal investigation would not be permitted to voluntarily disclose and achieve some type of favorable settlement that the Swiss banks achieved under the other categories.)

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