Swiss Hypothekarbank Lenzburg AG resolves tax-avoidance allegations -U.S. Justice Dept

Hypothekarbank Lenzburg AG

27/08/2015 17:46

WASHINGTON, Aug 27 (Reuters) - Swiss bank Hypothekarbank 
Lenzburg AG, commonly known as HBL, has reached an agreement 
with the United States over allegations it helped U.S. clients 
hide assets and income from the Internal Revenue Service, the 
Justice Department said on Thursday. 
    The bank will pay a penalty of $560,000, "stop misconduct 
involving undeclared U.S. accounts," and cooperate in any 
related legal proceedings in exchange for the department 
agreeing not to prosecute the bank for tax-related criminal 
offenses, the Justice Department said in a statement.  
    The agreement was reached as part of the U.S. Swiss Bank 
Program established in 2013. 
 
 (Reporting by Lisa Lambert; Editing by Bill Trott) 
 ((lisa.lambert@thomsonreuters.com; +1 202 898 8322; Reuters 
Messaging:  lisa.lambert.thomsonreuters.com@reuters.net)) 
 
Keywords: USA JUSTICE/HBL