Breaking news! The IRS just went after a bank in Switzerland and made it cough up more than $60 million. What could it have possibly done?
A Switzerland-based bank struck a deferred-prosecution agreement with U.S. authorities, admitting it helped Americans avoid their tax obligations for a decade.
Umm, well, yeah. That's not...a shock?
The Basel bank promoted Swiss bank secrecy as a way to conceal assets and income from U.S. taxes, provided numbered accounts, and allowed accounts to be opened through nominee entities established in tax havens, prosecutors said.
So, it got caught being a Swiss bank? These super-criminals were hiding in plain sight! How was it just now brought to justice?
The Swiss Bank Program gave a path for banks based in Switzerland to resolve potential U.S. criminal liability concerning undeclared U.S.-related accounts. Banks that met a number of requirements were eligible under the program for a nonprosecution agreement. A Justice Department spokesman said that Basler Kantonalbank didn’t come in through the program.