No Place Left To Hide – Swiss Banks Under Scrutiny From US Regulators

Alexander Troller, Simone Nadelhofer and Nicolas Ollivier say the Wegelin case shows that the US is willing to target senior managers, lawyers and trustees

On 28 August, the Swiss Government and the US Department of Justice (DOJ) issued a joint statement announcing an 'accord' over a unilateral program launched by the DOJ and allowing most Swiss banks to seek a non-prosecution agreement (NPA) from the DOJ and pay heavy fines.

This would allow them to avoid or defer prosecution in relation to the custody of undeclared assets of former or existing US customers, or – subject to demonstrating the bank's US tax compliance in relation to each and any former and existing customers – a non-target letter (the "Program").