Not a duplicate post: Yes, three more Swiss banks “blacklisted”


UPDATE 11/24/2015: Privatbank IHAG Zürich AG (IHAG) has also reached a resolution under the department’s Swiss Bank Program .


If our posts feel a little bit like déjà vu, there may be a reason. On Tuesday, we wrote how the IRS had added three more Swiss banks to the Foreign Bank "blacklist," and today, three more Swiss bank have been tacked on. The latest additions to the IRS Foreign Financial/OVDP FAQ 7.2 list.


From today's Department of Justice press release:


The Department of Justice announced today that BNP Paribas (Suisse) SA (BNPP), KBL (Switzerland) Ltd. (KBL Switzerland) and Bank CIC have reached resolutions under the department’s Swiss Bank Program.  These banks will collectively pay penalties totaling more than $81 million and continue to cooperate with the department.


“As reflected in today’s agreements, we continue to shine a bright light on the individuals and institutions that have used so-called ‘secret Swiss bank accounts’ to engage in and assist U.S. tax evasion,” said Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division.  “The department, working hand in hand with the IRS, is actively pursuing criminal and civil cases against those engaged in such conduct.”


The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States.  Swiss banks eligible to enter the program were required to advise the department by Dec. 31, 2013, that they had reason to believe that they had committed tax-related criminal offenses in connection with undeclared U.S.-related accounts.  Banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the program.


If you're concerned about your bank being on this list, contact us here for help. We have helped hundreds of account holders get into the appropriate disclosure program to avoid huge penalties. 


So, these Swiss banks have a non-prosecution agreement… that's just great for them. But what should you do if you have accounts that are undisclosed, have made a so-called quiet/soft disclosure, or are just terribly confused? Our suggestion is to watch this short video on what to do if your Swiss bank is "blacklisted."