'Category 2' Swiss Banks Handed $1.36Bn Final Bill

‘Category 2’ Swiss Banks Handed $1.36Bn Final Bill by Matthew Allen – swissinfo.ch

Eighty Swiss banks have shelled out a grand total of $1.36 billion (CHF1.38 billion) to the United States on the conclusion of a non-prosecution treaty to clear up past tax evasion misdemeanors.

The programme was wrapped up on Wednesday as HSZH (formerly Hyposwiss) bank paid $49.7 million, thus becoming the final “Category 2” institution to agree a settlement with the US Department of Justice (DoJ).

“Through this initiative, we have uncovered those who help facilitate evasion schemes and those who hide funds in secret offshore accounts,” US Attorney General Loretta Lynch said in a statement. “We have improved our ability to return tax dollars to the United States. ...