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U.S. slaps $1.3B in penalties on Swiss banks
USA Today: The U.S. crackdown on Swiss banks suspected of helping American clients evade taxes by hiding income offshore has imposed more than $1.3 billion in penalties on 80 banks in settlements involving more than 34,000 accounts that held as much as $48 billion.
The U.S. Department of Justice Wednesday announced the penalty total Wednesday as prosecutors disclosed the final non-prosecution agreement with Swiss banks. The banks came forward and negotiated settlements after they faced a Dec. 31, 2013, deadline to resolve potential criminal liability for their involvement with secret U.S.-linked accounts.
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