DOJ Reaches Non-Target Agreement With Swiss Bank

Law360, New York (July 29, 2016, 4:45 PM EDT) -- Swiss bank Thurgauer Kantonalbank announced Thursday it received a non-target letter from the U.S. Department of Justice, clearing it of any penalties through its participation in a voluntary disclosure program with Swiss officials and the DOJ involving lenders that could potentially be sheltering American tax evaders.

The bank said in a statement it will participate in the program as a Category 3 financial institution, meaning it has not committed any U.S. tax-related offenses and is exempt from having to pay penalties. The DOJ in January closed out the Category 2 portion of its program when it announced that a bank, formerly...

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