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ARTICLE · 29 SEPTEMBER 2013

US Introduces New Tool To Combat Tax Evasion: A Voluntary Disclosure Programme…For Banks

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On 29 August 2013, the United States and Switzerland issued a joint statement announcing what essentially amounts to a voluntary disclosure programme for Swiss banks, one which carries stiff penalties and is bound to have far–reaching implications.

GlobalFinance and Banking
Michael Parets
Michael Parets
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On 29 August 2013, the United States and Switzerland issued a joint statement announcing what essentially amounts to a voluntary disclosure programme for Swiss banks, one which carries stiff penalties and is bound to have far–reaching implications.

The programme allows Swiss banks to voluntarily come forward and co–operate with the US authorities in their ongoing fight against tax evasion, within the confines of Swiss law and under protection against prosecution by the US.

How the programme works

Under the new programme, banks that have reason to believe they may have violated US law in connection with undisclosed accounts of US taxpayers may request a 'non–prosecution agreement' from the US Department of Justice. Participation, however, comes at a cost. The programme provides for a tiered–penalty framework for banks seeking a non–prosecution agreement that is designed to impose the greatest penalties on those banks that may have actively solicited customers who

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