Leodan, which is organized as a corporation owned by private shareholders, is a small private bank that commenced doing business in September 2009.
accounts and pay a penalty in return for the department’s agreement not to prosecute Leodan for tax-related criminal offenses. Swiss banks meeting all of the above requirements are eligible for a non-prosecution agreement.Īccording to the terms of Leodan’s non-prosecution agreement, Leodan agrees to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls to stop misconduct involving undeclared U.S. Provide detailed information as to other banks that transferred funds into secret accounts or that accepted funds when secret accounts were closed Īgree to close accounts of accountholders who fail to come into compliance with U.S. taxpayers have a direct or indirect interest Ĭooperate in treaty requests for account information Provide detailed information on an account-by-account basis for accounts in which U.S. Make a complete disclosure of their cross-border activities Under the program, banks are required to: Banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the program. 31, 2013, that they had reason to believe that they had committed tax-related criminal offenses in connection with undeclared U.S.-related accounts. Swiss banks eligible to enter the program were required to advise the department by Dec. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States. The Swiss Bank Program, which was announced on Aug. The Department of Justice announced today that Leodan Privatbank AG (Leodan), reached a resolution under the department’s Swiss Bank Program.
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