Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Four More Go Down But One Receives Get Out Of Jail for Free Card

Posted by William Byrnes on August 6, 2015


A couple days ago Bank EKI Genossenschaft (Bank EKI) entered into a non prosecution agreement Justice logowith the US Department of Justice, admitting it assisted US taxpayer with tax evasion.  Privatbank Reichmuth & Co., Banque Cantonale du Jura SA and Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA then today announced their non-prosecution agreements. One bank will pay no penalty, while the other three will pay penalties $400,000, $2.6 million, and $970,000 respectively, and turn over client records.

The banks started with 201 clients among them in 2008, but one bank closed its non-compliant accounts and thus has been received a “get out of jail” free.

read about each bank’s nefarious activities and resolution thereof on International Financial Law Prof Blog

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