SWISS ZKB BANK COUNSEL ADVISED EMPLOYEES NOT TO CO-OPERATE WITH US PROSECUTORS

Corporate Counsel from Law.com on 14th August carried an article suggesting that one reason lost half its credit for co-operation with US authorities during the investigation into use of the bank in tax evasion by US taxpayers.  ZKB has entered into a deferred prosecution agreement and will pay $98.5 million.  The US Attorney’s said that “The amount of ZKB’s co-operation credit was reduced [50%] … due to ZKB’s actions … in dissuading 2 indicted ZKB bankers from co-operating with US authorities for years after their indictment”.  In other words, the eventual penalty would have been far less but for such apparent obstruction.

https://www.law.com/corpcounsel/2018/08/14/how-in-house-counsel-at-swiss-bank-ticked-off-prosecutors-and-the-company-paid-for-it/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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