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Banks reach final resolutions under Swiss Bank Program

Jaclyn Jaeger | January 3, 2017

The Department of Justice last week announced that it has reached final resolutions with banks that have met the requirements of the Swiss Bank Program, which provided a path for Swiss banks to resolve potential criminal liabilities in the United States, and to cooperate in ongoing investigations of the use of foreign bank accounts to commit tax evasion.

The Swiss Bank Program also provided a path for Swiss banks that were not engaged in wrongful acts, but nonetheless wanted a resolution of their status. Banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the Program. “The Swiss Bank Program has been and continues to be a vital part of the Justice Department’s...

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