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Justice Department Announces Deferred Prosecution Agreement With Basler Kantonalbank

 

Basler Kantonalbank (BKB), a bank headquartered in Basel, Switzerland, entered into a deferred prosecution agreement (DPA) that was approved today by the U.S. District Court for the Southern District of Florida, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Department of Justice’s Tax Division, United States Attorney Benjamin G. Greenberg, and Chief Don Fort for Internal Revenue Service-Criminal Investigation.  As part of the agreement, Basler Kantonalbank will pay $60.4 million in total penalties.

“The era of hiding money overseas to evade U.S. tax obligations is over,” said Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division. “Financial institutions, professionals, and accountholders are on notice that the Department continues to aggressively pursue these offenses and will hold both individuals and entities accountable.”

“U. S. citizens who seek to avoid their tax obligations by hiding income in undeclared bank accounts abroad, and the financial institutions that assist them in doing so, will be held accountable for their actions, both civilly and criminally,” said U. S. Attorney for the Southern District of Florida Benjamin G. Greenberg. “In this case, BKB will not only pay a criminal fine and restitution, but also a civil forfeiture of $29.7 million in proceeds illegally derived from their conduct. The U.S. Attorney’s Office is committed to helping the IRS investigate and prosecute not only those who evade their taxes, but the financial institutions that assist them in doing so.”

“The deferred prosecution agreement signed today with BKB reinforces that while the deadline for the offshore voluntary disclosure program may be fast approaching, holding banks and individuals accountable will not stop,” said Chief Don Fort for IRS-Criminal Investigation. “Those who think they have successfully avoided detection and prosecution for hiding or failing to report offshore holdings to date should know that our commitment in this area is only increasing through our international partnerships and the strategic use of sophisticated data analytic tools.” Read more

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Justice Department Announces Deferred Prosecution Agreement With Basler Kantonalbank