Deferred Prosecution Agreement Switzerland

According to court documents filed under the CCA, the bank helped U.S. clients hide their offshore assets and income from U.S. tax authorities. To conceal the wealth and income of its clients at the IRS, HSBC Switzerland has used a variety of methods, including Swiss banking secrecy, to prevent disclosure to US authorities, the use of numbered code and account names and email agreements, as well as the holding of accounts on behalf of nominated units established in tax havens such as the British Virgin Islands, Liechtenstein and Panama, and the economic owners of the client. [8] Switzerland`s follow-up report, OECD (27 March 2018) 38 on 25 August 2020. The Federal Council`s draft on the revised Code of Criminal Procedure – without the agreement of deferred criminal prosecutions in criminal investigations against companies – will be debated at the earliest in the autumn of this year in the relevant parliamentary committees and then in Parliament. It would be possible to re-enter the agreement on deferred criminal prosecutions in a modified and improved form and make it applicable. The case of HSBC Private Bank Switzerland SA in December 2019 is a recent example of a possible deduction of fines. The Swiss bank admits to helping U.S. taxpayers hide income and assets from the United States and agrees to pay a $192.35 million fine. The private bank today entered into a law enforcement agreement (DPA) with the Department of Justice in U.S. District Court for the Southern District of Florida.

“While this need for alternatives to criminal prosecutions must be taken into account, these procedures must provide sufficient safeguards for the predictability, transparency and publicity of law enforcement agencies. These safeguards are essential in order not to give the impression that justice is being exercised outside the courts without proper controls. [8] This agreement often contains a clause preventing companies from deducting fines from their taxes. The case of the French company Airbus is a recent example. Airbus reached such an agreement with the DOJ: last week, the Department of Justice (“DOJ”) announced that the Swiss bank HSBC Private Bank had agreed to pay $192 million to clarify allegations of the bank`s role in a tax evasion program involving US citizens. HSBC has entered into a law enforcement agreement with the DOJ. Where the offender has made compensation for the loss, injury or injury, or has done everything in his power to correct the wrongs he has caused, the competent authority refrains from prosecuting, bringing legal action or punishment if (a) a conditional sentence of up to one year` imprisonment, a conditional fine or a fine are appropriate as punishment; (b) interest in the pursuit of the community and the aggrieved is negligible; and (c) the offender confessed to the facts.

This entry was posted in Uncategorized. Bookmark the permalink.

Comments are closed.