I want to believe this... The combination of criminal prosecutions against Swiss firms and FATCA cooperation with the Swiss government illustrates how Department of Justice (DOJ) and IRS efforts can complement one another. One DOJ prosecution forced the oldest bank in Switzerland to close its doors permanently. Another led to a “deferred prosecution” agreement with UBS, which provided information on U.S. accountholders to American authorities. Following those two cases, over 100 Swiss banks began cooperating with the DOJ. More recently, Credit Suisse was forced to plead guilty to criminal tax evasion charges and pay a $2.6 billion fine over similar issues. The Credit Suisse plea also required the company to hand over some information on U.S. accountholders.
Posted on: Tue, 03 Jun 2014 20:15:00 +0000
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