The department has executed agreements with 80 banks, since March 30, 2015, when it announced the first Swiss Bank Program non-prosecution agreement with BSI SA. By our count it is 94 banks - see our post 93 Swiss Banks Are Turning Over Your Names To The IRS - What Are Your Waiting For?, plus HSZH, but who's counting?
Swiss Bank Program demonstrates that foreign financial institutions with potential U.S. criminal tax liability can greatly mitigate their exposure by taking immediate actions, such as making voluntary disclosures of potential illegal activity to the Tax Division and implementing compliance measures to avoid further violations of U.S. tax law. In our post DoJ is Following The Money Trail Disclosed By Swiss Bank's to Singapore and Israel! we quoted Chief Richard Weber of IRS-Criminal Investigation,
the World where Criminals can Hide Their Money
is Becoming Smaller and Smaller.
18 held assets in corporations, foundations or trusts in Liechtenstein;
15 in Panama;
11 in the British Virgin Islands, and
4 in Hong Kong.
- the British Virgin Islands,
- the Cayman Islands,
- the Cook Islands,
- the Marshall Islands,
- Panama and
Non Swiss Foreign banks and financial institutions that serve U.S. customers are well-advised to heed the lessons of the Swiss Bank Program and other Justice Department enforcement actions commenced to date. Not to mention a little thing like 30% FATCA withholding for noncompliant foreign banks!
Read more at: Tax Times blog