Swiss Bank EFG Joins US Tax Evasion Disclosure Program

Law360, New York (December 20, 2013, 3:56 PM EST) -- EFG International AG became on Friday the latest Swiss bank to agree to participate in a voluntary disclosure program with Swiss officials and the U.S. Department of Justice that targets lenders suspected of sheltering American tax evaders.

The bank said in a statement it will participate in the program as a Category 2 financial institution, which is a bank that is requesting a nonprosecution agreement, isn't under a formal criminal investigation by the DOJ’s Tax Division and could be subject to fines based on the size...
To view the full article, register now.