US ANNOUNCED ADDENDUM TO A NON-PROSECUTION AGREEMENT WITH SWISS BANK BANQUE BONHÔTE

On 19th July, a release on Mondo Visione from the US DoJ announced that it had signed an addendum to a non-prosecution agreement with Banque Bonhôte & Cie SA, Ltd under the Swiss Bank Program.  The original non-prosecution agreement was signed in 2015.   At that time, Bonhôte reported that it held and managed 63 US-related accounts, with assets under management exceeding $88 million, and paid a penalty of $624,000.  Under the new agreement, Bonhôte acknowledges it should have disclosed additional US-related accounts to the DoJ at the time of the signing of the original non-prosecution agreement.  The Swiss Bank Program of 2013 provided a path for Swiss banks to resolve potential criminal liabilities in the US relating to offshore banking services provided to US taxpayers.

http://www.mondovisione.com/media-and-resources/news/us-justice-department-announces-addendum-to-swiss-bank-program-category-2-non-pr-1/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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