An agreement reached just before Christmas means that the US has reached FATCA agreements with 75 Swiss banks. The US Department of Justice has confirmed penalties exceeding $178 Million from 4 Swiss bank agreements including:
- Banque Cantonal du Valais (BC Valais)
- Gonet & Cie or simply Gonet
- Bank J. Safra Sarasin AG (Safra Sarasin)
- Coutts & Co Ltd also known as simply Coutts
Acting Assistant Attorney General Caroline D. Ciraolo of the Department’s Tax Division noted: “With today’s resolutions under the Swiss Bank Program, the department has reached agreements with 75 Swiss banks, imposed penalties in excess of $1 billion, and secured voluminous and detailed information regarding the illegal conduct of financial institutions, professionals and accountholders around the world.”
These institutions have agreed to provide extensive details about the accounts and holdings of their US customers including account balances and transactional details to the IRS.
Ms Ciraolo also predicted the work with Swiss and foreign banking and investment institutions is far from completed. “Building on the success of the Swiss Bank Program, the civil and criminal offshore enforcement efforts of the department and its partners in the IRS will be a top priority in 2016.”
If you have accounts in any of the 4 above banks, or have yet to come into compliance with FATCA, FBAR reporting and the IRS we invite you to contact us for a free and substantial consultation at 866-631-3470. Learn about the protections of the attorney-client privilege and how the legal, tax, accounting and business professionals at Allen Barron are uniquely positioned to protect your interests.
