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Swiss banks agree US tax evasion deal with Justice Department

20 July 2015   (0 Comments)
Posted by: Author: BBC News Business
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Author: BBC News Business

Two more Swiss banks have agreed deals with the US Justice Department over tax evasion by Americans.

Banque Pasche will pay $7.22m (£4.7m) and Arvest Privatbank $1.04m in penalties under a deal that means they will not face criminal charges.

Fifteen Swiss banks have already cut deals with the department under a voluntary programme in which they could report suspected tax evasion.

More deals are likely as about 100 banks have signed up to the programme.

The Justice Department said that Banque Pasche, which has operations in Monaco and the Bahamas, helped US taxpayers evade taxes relating to 186 accounts from August 2008 to August 2013.

Since August 2008, Arvest Privatbank has had 52 US-related accounts which the department felt were used to dodge taxes.

The Justice Department and Internal Revenue Service (IRS) said information provided by the two banks would help in future investigations.

"Today's agreements are significant both individually and in conjunction with the previous Swiss bank programme agreements," said Richard Weber, of IRS Criminal Investigation.

"Individually, each bank agreement provides additional information to the IRS to assist us in going after illegally concealed offshore accounts and the financial professionals who helped US taxpayers hide assets abroad," he said.

Neither Swiss bank was immediately available for comment.

This article first appeared on


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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