US Justice Department Announces That Three More Swiss Banks Reach Agreements Over Tax Evasion Claims

On July 30, 2015, the Justice Department’s Tax Division announced that three more Swiss banks — PKB Privatbank AG, Falcon Private Bank AG and Credito Privato Commerciale in liquidazione SA (CPC) – have cut deals with the U.S. to resolve allegations that those institutions assisted their U.S. customers in hiding assets from the Internal Revenue Service and evading U.S. taxes. Collectively, the three banks will pay penalties in excess of $8.4 million and will continue to cooperate with the DOJ’s ongoing investigations in this area pursuant to the requirements of the Swiss Bank Program.

In a press release announcing the agreements, Acting Assistant Attorney General Caroline D. Ciraolo commented as follows:

“Swiss banks continue to lift the veil of secrecy that for decades has assisted U.S. individuals in willfully evading their U.S. tax obligations, often through the use of sham structures and trusts established in foreign jurisdictions. The department’s prosecutors and the IRS are actively following these leads to countries across the globe.”