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US Attorney General Lynch Still Has Swiss Banks in Her Sights

The long-running dispute between Switzerland and the United States over tax dodging has finally come to a close, but the final curtain may not be drawn just yet. Eighty Swiss banks have been forced to hand over $1.36 billion to the US authorities as part of a non-prosecution treaty aimed at clearing up past tax evasion misdemeanors.

The Category 2 Deal

The agreement, known as the “Category 2” deal, marked the conclusion of a process that began in 2013 when Switzerland and the US agreed to cooperate on tax-related matters. The Swiss banks involved had previously admitted to facilitating offshore banking activities for American citizens and hiding their identities behind shell companies and trusts.

Banking Secrets Revealed

The DoJ published lurid details of banking activities with each agreement, including the opening of sham companies and trusts to hide identities and bank staff secretly handing over cash and gold bullion to clients. This is bound to have an adverse impact on the reputation of these institutions.

Uncertainty Remains

While some banks have already registered under the so-called “non-target letter” programme, others are still weighing up the cost of registering versus the risk of being caught by the DoJ with their trousers down. Liechtenstein’s VP Bank last week became the latest institution to pull out of the programme.

Swiss Banking Secrecy

The Swiss Bank Program played a part in dismantling Swiss banking secrecy. From July 1, 2014, Swiss banks have been forced to tell the US authorities about every US citizen that opens an account with them.

Unresolved Issues

However, there are still several unresolved issues. Eleven Category 1 banks remain under active criminal investigation, and fines could be more spectacular than those handed out in the “Category 2” deal. Credit Suisse was forced to pay out combined fines of $2.8 billion in 2014 after failing to cooperate fully with the DoJ.

The Largest Remaining Bank

The largest remaining Category 1 bank is Julius Bär, which has put aside some $550 million to settle its case. However, we won’t know the full damage until the cases are completed, probably later this year.

The Road Ahead

The Swiss Bank Program may have marked a significant shift in the country’s banking culture, but it seems that there is still more work to be done before the US authorities are satisfied. For now, the spotlight remains firmly on Switzerland’s banks and their involvement in international tax evasion schemes.