Factbox: Swiss banks and the US tax crackdown

St Galler Kantonalbank AG

23/12/2013 11:45

(Adds Rothschild Bank) ZURICH, Dec 23 (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: 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  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  Bank am Bellevue  BBN.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 and J. Safra Sarasin, are not listed. They are under no obligation to make their decision public, and so far have not done so. Union Bancaire Privee (UBP) and Rothschild Bank have both said they would group themselves in the second category of banks which may have committed tax offenses.  ID:nL6N0JZ28L  (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/