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After years of stalemate in the black money tax dispute of the Americans, another Swiss bank is in the hot seat: the New Private Bank (NBP) has reached an agreement with the US authorities.
US Department of Justice agrees with another Swiss bank (Carlo Allegri / Reuters)
(awp) NPB pays $ 5 million fine dollars, said Thursday evening the US Department of Justice (DoJ) .In addition, the bank must cooperate in all criminal and civil law processes and introduce controls against wrongdoing related to black money. counterparty, the bank will not pursue its prosecution.
The New Privat Bank said to have taken precautions for buses.The equity is strong, said a spokesman at the request of the agency News Release
Black Money Hides
Between 2008 and 2015, the NPB maintained a total of 353 US accounts with assets under management of up to $ 400 million, the Ministry of Finance continued. These included accounts with declining funds are also undeclared. 307 accounts were opened following the UBS agreement with the United States Department of Justice in 2009.
The bank helped US clients to divert money from the United States. US tax administration, writes the DoJ. She offered a number of classic services. Among other things, they had kept numbered accounts and kept the mail.
External asset managers served as intermediaries for US clients to manage the funds. According to the DoJ, only a few cases allowed the bank to have direct contact with its US customers.
Eliminated tax evaders
In early 2009, the bank accepted American clients whose accounts had been closed by other Swiss banks. Among them were also customers of UBS, it was said. The NPB had considered the inclusion of these clients as a business opportunity and did not need these customers to declare their black money to the US Treasury.
Originally, US Customers
Prior to 2009, the NPB had virtually no US customers. At the end of 2008, they held only 8 million francs of assets in the bank. In the space of one year, 442 million Fr. were introduced, writes the DoJ
. In August 2010, the NPB decided not to accept new US tax evasion. However, she continued to serve the existing ones. This is only from August 2011 that the bank demanded evidence of tax honesty funds. The case of black cross-border money continued until 2012.
For American tax evaders, who now save their money from the US Treasury, it's expensive: they must pay a penalty of 50% of the maximum value of the balance of their account
Category 1
The NBP was one of the Category 1 banks against which the United States investigated for alleged violations of the American law. To date, Credit Suisse ($ 2.6 billion bus), Julius Baer ($ 547 million) and Bank Leumi ($ 400 million) have grown in this category. Previously, UBS was the first Swiss bank to be fined $ 780 million for similar offenses in 2009.
Category 1 banks still awaiting a US decision include the Zürcher Cantonal Bank (ZKB), the bank cantonal capital of Basel (BKB), the private bank of Pictet, HSBC Private Bank and the Zurich private bank Rahn + Bodmer.
At ZKB, Zürcher Kantonalbank cooperates with US authorities and wishes to close the case at any time. Dagmar Laub, ZKB spokesperson, said: "We are not speculating on the possible timetable," said Dagmar Laub, ZKB spokesperson.
Category 2 completed
Overall, US authorities have created four categories of tax litigation. Of these, only Category 1 and 2 banks were required to directly negotiate an agreement directly with the US court because they had violated US law.
Category 1 included all banks, at the end of August 2013 already The procedure was ongoing. At the time, there were 14 banks. Many of the affected banks have since ceased operations.
In Category 2, all banks have agreed with the United States Department of Justice. The last institute was the former Hyposwiss Private Bank Zurich in January 2016.
