US Department of Justice publishes “Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks”

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On 29 August 2013, the Department of Justice published its “Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks”. This Program shall enable Swiss banks to address their past practices in dealing with US tax payers. The program was announced under a joint statement between the US Department of Justice and the Swiss Federal Department of Finance, wherein the Swiss Government welcomed the publication of the program by the Department of Justice and expressed its desire that the Swiss financial industry fully cooperates under the Program. In a communication of 5 November 2013, the Tax Division of the US Department of Justice commented on a number of questions received in relation to the Program, but essentially referred the banks and their counsel to “the plain language of the Program”.
(Reference: CapLaw-2013-32)

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