Bank to Pay Additional $1.2 Million to U.S. for Non-Disclosed Accounts

On 17 July 2019, the Department of Justice signed an addendum to a non-prosecution agreement with Banque Bonhôte & Cie SA, Ltd. (Bonhôte) of Neuchâtel Switzerland (Link). The announcement, which was released two days later (Link), states that Bonhôte acknowledges it should have disclosed additional U.S.-related accounts to the Department at the time of the signing of the non-prosecution agreement and that the Department of Justice continues to examine the information provided by Swiss banks to the Department and will continue to work closely with our partners at the Internal Revenue

Service to ensure that American taxpayers are meeting their reporting and tax obligations with respect to foreign bank accounts.

As a result of the failure to disclose eight U.S.-related accounts, the Swiss Bank should pay 1.2 Million USD.

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