Justice cuts deals with two more Swiss banks

The Justice Department's list of Swiss banks seeking to avoid criminal charges in the U.S. added two more names on Wednesday.

Rothschild Bank AG and Banca Credinvest SA have both agreed to join the department's program for Swiss banks, under which financial institutions who believe they might have committed a tax crime strike a deal with the federal government.

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That deal includes paying fines, giving details on other banks that might have been involved in tax avoidance, laying out their own methods for helping clients avoid taxes, closing secret accounts and agreeing to take potentially take part in civil and criminal trials.

"As each additional bank signs up under the Swiss Bank Program, more and more information is flowing to the IRS agents and Justice Department prosecutors going after illegally concealed offshore accounts and the financial professionals who help U.S. taxpayers hide assets abroad," Caroline Ciraolo, an acting assistant attorney general, said in a Wednesday statement.

The Justice Department has now brought in at least nine banks to its Swiss program, following the deals with Rothschild and Banca Credinvest. 

Under the agreements announced Wednesday, Rothschild will pay a fine of $11.51 million, and Credinvest will pay just over $3 million.

 

This post was updated at 2:40 p.m. to correct Caroline Ciraolo's title.