Swiss private bank BSI, one of the largest banks of the country, has agreed to pay the US Department of Justice a $211 million penalty in return for not being prosecuted for tax-related offenses, the department said on Monday.
According to the press release, under this agreement, the financial institution expressed the will to disclose the information on the US clients who intended to hide their income from the US tax authorities.
BSI was the first to enter into a non-prosecution agreement under the DoJ program launched in 2013. The program implies that Swiss banks can cooperate with the US authorities on investigation into US-related tax evasion.
The US Department of Justice also said BSI assisted US clients in creating sham corporations and trusts to hide the identity of account holders and issued debit cards without names on the card.
