106 requests from financial institutions to participate in the US Program
The Department of Justice reports that they have received 106 requests from institutions that would like to participate in the US Program. See article from Reuters. As the Categories 3 and 4 are not...
View Article2 out 5 US Tax Evaders Have Links to Switzerland
The Tages Anzeiger reports that following an amnesty, analyses have been conducted by the US government and it shows that 5,427 of the 12,900 reported accounts were in Switzerland, a further 8% in...
View ArticleCredit Suisse faces Sanctions in Switzerland in the Wake of their Guilty Plea...
The Swiss Banking Association (ASB) could open an enquiry into Credit Suisse’s behaviour following their guilty plea in the US. The due dilligence obligation of the Bank could be examined and it should...
View ArticleSwiss Banks May Be facing Bigger than Expected Fines in US Tax Dispute
According to this article from Reuters, Swiss banks may be underestimating the fines they are facing for allegedly having helped US clients evading taxes. The article explores the impact those fines...
View ArticleFollowing Credit Suisse Settlement of the Tax Dispute with the US, Only a Few...
Following Credit Suisse guilty plea and settlement of the tax dispute with the US, the Bank confirms through its Private Banking Chief, Hans-Ulrich Meister, that only a few clients left as a...
View ArticleCredit Suisse Now Needs a Waiver from the US Labor Department to Retain its...
Following their guilty plea, Credit Suisse now needs a waiver from the US Labor Department to retain its status as a QPAM (qualified professional asset manager) otherwise it will lose it on August 12,...
View ArticleBank Leumi is Believed to Get Closer to Solve its Tax Dispute with the US
Bank Leumi Le-Israel, on of the 14 category 1 bank, is said to be closer to settling its US tax dispute regarding undeclared US accounts. For this purpose it has set aside $275m (950m shekels) and...
View ArticleCoutts & Co’s CEO Asserts the DoJ Extension as Significant in the Process of...
Coutts & Co, which belongs to Royal Bank of Scotland, has registered under the Category 2 of the US Program. While these banks might have been helping US clients to evade tax, they are seeking a...
View ArticleFlorida Man Pleads Guilty of Tax Evading and holding a Swiss Bank Account
According to a criminal filing from the federal court in Manhattan and the DoJ, Bernard Kramer, 83, pleaded guilty of holding an undeclared Swiss bank account in Switzerland as well as an undeclared...
View ArticlePressure on Private Banks in Switzerland Remains High, 1 in 3 Private Banks...
According to a research based on the annual reports of 94 private banks in Switzerland and conducted by KPMG and the University of St Gallen, 1 in 3 private banks is operating at a loss and return on...
View ArticleSwiss FINMA Pushed Banks into the Arms of the US Deparment of Justice
The Swiss newspaper Sonntagszeitung states that a winner emerges from the US Tax Program: the US Department of Justice (DoJ). Intimidated by a possible indictment more than 100 banks precautionary...
View ArticleThe Swiss Banks Do the Preparatory Work for the DoJ
A head of a Swiss financial institution told the Sonntags Zeistung that the Swiss banks were requested by the DoJ to filter clients that would qualify under the treaty request amongst the data handed...
View ArticleVP Bank (Switzerland) Ltd Signed up for Category 2 at the End of 2013, and...
At the end of 2013, VP Bank (Switzerland) Ltd, the Lichtenstein-based private bank, took part in the US Program under Category 2, but after ‘thorough internal investigations and external expert...
View ArticleAt Result Announcement, Lombard Odier Confirmed it Made a Provision of an...
Lombard Odier changed its legal structure in January 2014 and reported its H1/2014 results, the first public announcement. The bank made a consolidated net profit of $70m (CHF62.5m), holds total assets...
View ArticleRumours Have it that Credit Suisse Might Be Interested in Taking Over Julius...
The expert blog Inside Paradeplatz reports that there are rumours that Credit Suisse could be interested in taking over Julius Baer. Credit Suisse has settled its tax dispute with the USA by paying a...
View ArticleAccording to the NZZ 10 Banks Have Decided to Leave the US Program
According to an article published by the NZZ am Sonntag, undisclosed sources mention that at least 10 banks concluded that they did not need to take part in the US Program as they had not...
View ArticleA Geneva Lawyer Reiterates that Data Transmission to the USA Is Illegal...
Douglas Hornung, a Geneva-based Lawyer, reiterates in the newspaper L’Agefi that the direct data transmission from banks in Switzerland to the US Department of Justice (DoJ) is illegal. According to...
View ArticleSwiss Banks Try to Position Themselves to their Advantage when Weighting...
Retracing a number of news from the last few days Swissinfo comments on the ambiguous situation of the banks in the US Program and their choice of categories. The media states that “While some banks...
View ArticleSwiss versus Liechtensteinian Solution in the US Tax Dispute
This article published by Le Temps explores the solutions to the tax dispute with the US from the perspective of Switzerland vs Liechtenstein. The solution applied by Liechtenstein was to adopt an...
View ArticleLenz & Staehelin’s Partner Sees US Tax Dispute with Swiss Banks to Drag on...
Shelby du Pasquier, a partner at Lenz & Staehelin, represents more than 20 banks in the tax dispute between the Swiss banks and the USA. At the private banking summit Euroforum he said “it will be...
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