Several Swiss banks pull out of US tax programme - paper

VP Bank AG

31/08/2014 10:31

ZURICH, Aug 31 (Reuters) - At least 10 Swiss banks have 
withdrawn from a U.S. programme aimed at settling a tax dispute 
between them and the United States, Swiss newspaper NZZ am 
Sonntag said on Sunday, quoting unnamed sources. 
    Around 100 Swiss banks came forward at the end of last year 
to work with U.S. authorities in a programme brokered by the 
Swiss government to help the banks make amends for aiding tax 
evasion.  ID:nL6N0JZ3R4  
    "At least 10 banks that had decided at the end of 2013 to 
pay a fine have withdrawn their decision," NZZ am Sonntag said, 
quoting unnamed lawyers and auditors. It did not name the banks 
concerned. 
    The newspaper said the banks were convinced they had not 
systematically broken U.S. law and lawyers of the U.S. 
Department of Justice had actually been surprised to see them 
take part in the programme and did not object to the banks 
leaving the programme. 
    Liechtenstein-based VP Bank  VPB.S  came forward last week 
to say it had concluded that it no longer needed to take part in 
the programme.  ID:nL5N0QW0HC  
    About a dozen Swiss banks face a U.S. criminal investigation 
as part of the tax probe. Credit Suisse  CSGN.VX  has already 
settled by agreeing to plead guilty and pay a fine of $2.6 
billion earlier this year.  ID:nL1N0O50RO  
 
 (Reporting by Silke Koltrowitz) 
 ((silke.koltrowitz@thomsonreuters.com; +41 58 306 7454; Reuters 
Messaging: silke.koltrowitz.thomsonreuters.com@reuters.net)) 
 
Keywords: SWISS BANKS/TAX