The Justice Department announced Thursday that it had reached agreements with three more Swiss banks that might have helped U.S. taxpayers dodge taxes.
Privatbank Reichmuth and Co., Banque Cantonale du Jura SA (BCJ) and Banca Intermobiliare di Investimenti e Gestioni (BIM Suisse) now make it well over 20 financial institutions that have joined Justice’s Swiss Bank program.
{mosads}The banks are eligible to join the program if there’s reason to believe that they had committed a crime in helping U.S. taxpayers keep assets away from the IRS.
Reichmuth will pay a penalty of $2.6 million and BCJ a fine of $970,000, while BIM Suisse avoided a financial penalty.
In joining the program, the banks agree to fully disclose their cross-border activities, close the accounts of those who aren’t following U.S. laws, and dish on other banks who might have transferred money into their secret accounts.