After an extensive two-year internal investigation, the U.S. Department of Justice recently announced that it has agreed with MNR’s recommendations that a Swiss Bank did not engage in any criminal tax-related offenses relating to undeclared U.S. accounts. The Swiss Bank applied to be accepted as a Category 3 bank under the DOJ’s Swiss Bank Program, which provides Swiss banks with a process by which they can resolve potential criminal liabilities in the U.S.
A Category 3 bank believes it has not engaged in any violations of U.S. criminal laws and, if correct, receives a non-target letter from the DOJ and is not required to pay a criminal penalty. Category 3 Independent Examiners must verify the percentage of U.S. assets under management, examine the bank’s compliance program, and draft a report which details witness interviews conducted, all files reviewed, and factual findings of the internal investigation. MNR was hired by the Swiss Bank’s Independent Examiner, a Swiss attorney, to provide a perspective and findings under U.S. law concerning the bank’s compliance with U.S. criminal tax laws.
On July 28, following MNR’s investigation on behalf of the Independent Examiner, the Swiss Bank announced that it was accepted by the DOJ as a Category 3 bank under the Swiss Bank Program.