Factbox: Swiss banks and the US tax crackdown
19/12/2013 13:05
ZURICH, Dec 19 (Reuters) - A host of Swiss banks have signalled their readiness to work with U.S. officials in a crackdown on wealthy Americans evading taxes. Many more are expected to follow in the coming weeks, as Switzerland's cherished bank secrecy slowly gets wound back. ID:nL6N0JO3L4 The programme requires the banks to hand over some previously hidden information and face penalties equivalent to up to 50 percent of the assets they managed on behalf of wealthy Americans. ID:nL5N0JH32B The number that join this scheme is key for larger banks facing criminal investigations, so-called category one banks, in the United States, such as Credit Suisse CSGN.VX , Julius Baer BAER.VX and Pictet & Cie. ID:nL6N0GV0WF A failure to win broad cooperation in the programme could hold up settlements for the bigger banks, which have seen their talks with U.S. justice officials frozen pending a solution for the wider industry. Following is a list of banks which have said they will take part in the government-brokered programme by grouping themselves into categories depending on whether they had U.S. clients. CATEGORY 2 Swiss banks in this group have a reason to believe they may have committed tax offenses, and are eligible for a non-prosecution agreement if they come clean and face fines. Banks which have said they will do so include: Banque Privee Edmond de Rothschild RLD.S St. Galler Kantonalbank SGKN.S Banque cantonale de Geneve BCGE.S Berner Kantonalbank BEKN.S Banque Cantonale Vaudoise BCVN.S Graubuendner Kantonalbank GRKP.S Banque cantonale du Jura BCJ.S Zuger Kantonalbank ZG.S Luzerner Kantonalbank LUKN.S Valiant VATN.S Linth Bank LINN.S Coop Bank BC.S Walliser Kantonalbank WKB.S Hypothekarbank Lenzburg HBLN.S CATEGORY 3, 4 These Swiss banks have not engaged in criminal conduct or are deemed "compliant" under U.S. tax rules. They would receive a non-target letter and not face fines. Banks which have said they will do so include: Vontobel VONN.S Basellandschaftliche Kantonalbank BLKB.S Valartis VLRT.S said it will decide at a later time whether to register for Category 3 or not to participate in the programme at all. UNLISTED BANKS Most of Switzerland's private banks, such as Lombard Odier & Cie, Union Bancaire Privee, J. Safra Sarasin are not listed. They are under no obligation to make their decision public, and so far have not done so. (Reporting By Katharina Bart; Editing by Hugh Lawson) ((Katharina.Bart@thomsonreuters.com)(+41 58 306 7312)(Reuters Messaging: katharina.bart.thomsonreuters.com@reuters.net)) Keywords: TAX/SWITZERLAND