Factbox: Swiss banks and the US tax crackdown
27/12/2013 18:29
(Adds VP Bank) ZURICH, Dec 27 (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 is 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 Failure to win broad cooperation in the programme could hold up settlements for the bigger banks, which have had their talks with U.S. justice officials frozen pending a solution for the wider industry. Following is a list of banks that 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 offences and are eligible for a non-prosecution agreement if they come clean and face fines. Banks that have said they will join this category include: EFG International EFGN.S 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 VP Bank VPB.S Unlisted banks in category 2: Union Bancaire Privee (UBP) Rothschild Bank Lombard Odier 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 in these groups include: Vontobel VONN.S Bank am Bellevue BBN.S Basellandschaftliche Kantonalbank BLKB.S Valartis VLRT.S said it will decide at a later date whether to register for Category 3 or decline to participate in the programme. (Reporting By Katharina Bart; Editing by Hugh Lawson and David Goodman) ((Katharina.Bart@thomsonreuters.com)(+41 58 306 7312)(Reuters Messaging: katharina.bart.thomsonreuters.com@reuters.net)) Keywords: TAX SWITZERLAND/