New Justice Department-Swiss Bank Program Announced
October 28, 2013 | 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.
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