10.28.13 | Articles

New Justice Department-Swiss Bank Program Announced

New York Law Journal

Continuing its efforts to crack down on undisclosed offshore accounts, the DOJ has initiated a new program for Swiss banks that meet certain criteria. Under this program, banks may apply for either non-prosecution agreements or non-target letters depending on their level of culpability. All banks that participate in the program will be required to provide information regarding the extent of their U.S.-related accounts and to cooperate with the DOJ in the future. Banks receiving non-prosecution agreements will also have to pay substantial penalties. This article discusses the implications of this program for both Swiss banks and their U.S. account holders.

Read Full Article Here (PDF | 241.14 K)