01/04/2015
Equivalent to 10 times profits to what been achieved during 2014
«BSI» Swiss incur a US fine about $ 211 million dollars
BSI became the first Swiss bank located in the second Category of the four categories included in the US program for the settlement of a tax dispute with the United States, to sign an agreement with the United States to pay the amount of $ 211 million fine to the US tax authority, so their file will be closed later on.
The bank said in a statement yesterday the economic received a copy "no criminal prosecution agreement" with the US Department of Justice approved the payment of $ 211 million to settle a tax dispute with the United States originally caused by the assisting clients from the United States to avoid paying taxes, equivalent to the amount of fine about ten times to what been achieved last year, from the bank's profits.
There are around 106 Swiss banks have chosen to put themselves in this category after voluntarily accepting to recognize that there are good reasons to believe that they may have violated US law and contributed to help wealthy Americans to evade the payment of taxes in addition to encourage this practice.
The banks 1 Category, which is in the range of 14 banks, has completely excluded from the official program signed between the Swiss and US governments after the US Department of Justice has opened legal proceedings against them on charges of violating US laws blatantly.
In Category 3, the banks should be able to provide evidence that they did not commit any illegal activity in violation of US law, and Class 4 banks active only at the local level that has no clients from the United States at all, but they should prove it through accounting consulting firms, and they should be obliged to pay the fee for that as will.
Since 2008, the Swiss bank, which is based in Tgino Italian-speaking province has more than three thousand expense of US citizens or subject to US taxes, the vast majority has not been declared to the tax department.
According to the indictment from the US Justice Department, the bank does not only provided help for American customers to hide their identities from the American tax collector, but also for the return of their wealth in cash not through the normal bank transfers which is contrary to the bank instructions with money transfer.
Under the agreement signed between the US Department of Justice and the bank, the latter has acknowledged that his advisers have used with their American customers symbols in correspondence of when, and how, and how much ... and other details relating to the transfer of funds, in order to disguise the official authorities, especially the tax collector .
He pointed to the bank's statement that they will fully cooperate with US authorities in the context of tax planning program, and it has encouraged thousands of American clients to legalize their status with the US Tax Foundation.
And the "economic" learned from the Swiss Bankers Association that there agreements with other Swiss banks registered in Class 2 will be announced soon, but the association did not wish to name any of these banks, other large banks that fall within Category 2, "Lombard Odier" and " Valiant" Bank.
At the same time, "BSI" Bank announced its financial results for 2014, recording a net profit of 2.2 million francs ($ 203 million) compared to a net loss of 722 million francs in 2013, the net result for last year was severely affected by the settlement with Washington.
The "BSI" Bank has been established 140 years ago, which manages about $ 100 billion in assets and employs approximately two thousand people more than half of them in Switzerland.
The Swiss Federal Authority to oversee the financial markets opened in 2013, investigative procedures with the bank about his dealings with customers in the United States, the Commission adopted in the realization that the bank had grossly breached its financial obligations especially with regard to the risk control in financial management matters with Americans clients.
