UBP to pay $187 million to avoid U.S. charges of aiding tax evasion
The U.S. Department of Justice said on Wednesday Swiss private bank Union Bancaire Privee (UBP) agreed to pay more than $187 million to avoid possible prosecution for helping Americans evade taxes.
UBP is the latest bank to reach a resolution under the Swiss Bank Program, launched in 2013, that allows Swiss banks to resolve potential criminal liabilities in the United States.
UBP between 2008 and 2013 helped U.S. clients to open and maintain undeclared accounts in Switzerland and conceal assets and income they held in these accounts, the DoJ said in a statement on Wednesday.
Under the Swiss bank program, banks also must provide detailed information on the accounts of U.S. taxpayers under investigation.
Justice Department Announces Resolution under Swiss Bank Program with Union Bancaire Privée, UBP SA