DOJ Offshore Bank Resolution Offers Cooperation Road Map

By Matthew Lee (August 29, 2017, 12:59 PM EDT) -- The U.S. Department of Justice revealed its latest offshore bank resolution by announcing that it had entered into a nonprosecution agreement with a Swiss asset management firm called Prime Partners SA. This means that Prime Partners will not be criminally prosecuted for participating in what prosecutors characterized as a conspiracy to defraud the Internal Revenue Service and evade federal income taxes in connection with services that it provided to U.S. account holders between 2001 and 2010.

According to a press release announcing the resolution, the nonprosecution agreement was based upon Prime Partners' "extraordinary cooperation," including its voluntary production of approximately 175...

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