US DoJ and Swiss government announce new voluntary disclosure programme for Swiss banks
By Diana L Erbsen, Alan Winston Granwell, Michael J Legamaro, Ellis L Reemer and Catherine B Engell
In recent years, the US Department of Justice (DoJ) has been aggressively investigating the use of bank accounts outside the US to evade tax. While emphasising that its enforcement activities are and must remain global, the DoJ has taken public actions relating to banking activities in Switzerland, India, Luxembourg, Israel, the Caribbean and Lichtenstein. These initiatives and ongoing investigations have resulted in the prosecutions of multiple banks and 68 US persons and professionals (including approximately 30 banking professionals).
In August 2013, the Swiss Federal Government and the DoJ announced a first-of-its-kind programme that will enable eligible Swiss banks to address and resolve their status with regard to the DoJ’s ongoing enforcement investigations.
The new programme, which is open only to Swiss banks not currently under investigation by the DoJ, is effectively a voluntary disclosure programme for banks, with features comparable to those of the voluntary disclosure programmes offered by the US Internal Revenue Service in recent years to US persons with undisclosed financial accounts outside of the US (referred to collectively as the OVD Initiatives), incorporating definitions, due diligence procedures and compliance programme approaches contained in the Foreign Account Tax Compliance Act (FATCA) as implemented by Switzerland and the US in the Swiss-US Intergovernmental Agreement (Swiss IGA)…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The same day he took the reins as chief judge for the District of Delaware, Judge Leonard P Stark substantially overhauled his patent practices.
The purpose of this bulletin is to highlight the fact that certain real burdens will be automatically extinguished on 28 November 2014.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions