5 more Swiss banks agree to pay non-prosecution penalties
Move pushes the number of tax evasion accords to 73 and total payments to more than US$1 billion
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Geneva
FIVE more Swiss banks, including one owned by Brazilian billionaire Joseph Safra, agreed to pay penalties to avoid prosecution for helping US clients evade taxes, pushing the number of accords to 73 and total payments to more than US$1 billion.
Bank J Safra Sarasin AG agreed to pay US$85.8 million, Coutts & Co US$78.5 million and Banque Cantonale Vaudoise US$41.7 million under non-prosecution agreements released on Wednesday by the US Justice Department. The government is nearing the end of a disclosure programme that requires firms to say how they helped Americans cheat the Internal Revenue Service (IRS) and where their money went.
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