Rothchild Bank, AG, and Bank Credivest SA, have reached a resolution with the U.S. Department of Justice (“DOJ”) under the DOJ’s Swiss Bank Program. Under the non-prosecution agreement, each bank agrees to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared U.S. accounts and pay penalties in return for the DOJ’s agreement not to prosecute these banks for tax-related criminal offenses.
“The days of safely hiding behind shell corporations and numbered bank accounts are over,” said Acting Assistant Attorney General Caroline D. Ciraolo of the Department of Justice’s Tax Division. “As each additional bank signs up under the Swiss Bank Program, more and more information is flowing to the IRS agents and Justice Department prosecutors going after illegally concealed offshore accounts and the financial professionals who help U.S. taxpayers hide assets abroad.”
If you have an undisclosed foreign bank account, contact a Former IRS Attorney at Holtz, Slavett & Drabkin. You may still be eligible for the IRS Offshore Voluntary Disclosure Program or other related programs.