Friday, May 29, 2015

Basler Reported to Pay $42.1 Million to Settle with Germany Over Undeclared Accounts (5/29/15)

Reuters reports that Basler Kantonalbank wil pay $42.1 million to settle a German probe into undeclared assets.  Katharina Bart, Basler Kantonalbank says to pay 38.6 million euros in German tax probe (Reuters 5/28/15), here.  

Excerpt (bold-face supplied by JAT):
The Basel-based lender is the fourth Swiss bank -- after Credit Suisse, Julius Baer and UBS -- to settle similar probes with German officials, which resolves the matter for both the bank and its employees
Basler, one of a host of local government-backed lenders in Switzerland, is still on the hook in a U.S. probe investigating how Swiss banks helped wealthy Americans dodge or cheat on taxes.
Note that the U.S. DOJ program for Swiss banks does not resolve the matter for the bank employees.

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