The original non-prosecution agreement was signed on Jan. 6, 2016. At that time, UBP reported that it held and managed 2,919 U.S. Related Accounts, with assets under management of approximately $4.9 billion, and paid a penalty of $187,767,000.
In
Reaching This Agreement on January 2, 2020,
UBP Acknowledges It Should Have Disclosed
"Additional U.S.-Related Accounts"
To The Department At The Time Of The Signing
Of The Non-Prosecution Agreement.
Pursuant to this revised agreement, UBP will pay an additional sum of $14,000,000 and will provide
supplemental information regarding its U.S.-related account population, which now includes 97 dditional accounts.
“Foreign banks that participated in the Swiss Bank Program were obligated to identify all accounts in which U.S. taxpayers held an interest, directly or indirectly,” said Richard E. Zuckerman, Principal Deputy Assistant Attorney General for the Tax Division. “Today’s agreement reflects our continued commitment to ensuring that when entities cooperate and make disclosures to the Department, that they do so fully.”
The Swiss
Bank Program provided a path for Swiss banks to resolve potential criminal
liabilities in the United
States relating to offshore banking services provided to United States
taxpayers. Banks eligible to enter the
program were required to advise the department that they had reason to believe
that they had committed
tax-related criminal offenses in connection with undeclared U.S.-related
accounts.
As participants in the program, they were required to make a complete disclosure of their cross-border activities, provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers had a direct or indirect interest, cooperate in treaty requests for account information, and provide detailed information about the transfer of funds into and out of U.S.-related accounts, including undeclared accounts.
As participants in the program, they were required to make a complete disclosure of their cross-border activities, provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers had a direct or indirect interest, cooperate in treaty requests for account information, and provide detailed information about the transfer of funds into and out of U.S.-related accounts, including undeclared accounts.
Do You Have Undeclared Foreign Income ?
Is Your Name Being Handed Over to the IRS?
Want to Know if the OVDP Program is Right for You?
Contact the Tax Lawyers at
Marini & Associates, P.A.
for a FREE Tax Consultation contact us at:
Toll Free at 888-8TaxAid (888) 882-9243
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