Four more Swiss banks have entered into deals with the US Justice Department to avoid possible prosecution for helping Americans evade taxes.
Societe Generale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG and Scobag Privatbank AG have reached settlements, which would see the institutions pay small fines, Reuters reported.
The banks settled under a voluntary program the Justice Department launched in 2013 to allow Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped US citizens conceal assets.
The banks mitigated their penalties by encouraging US taxpayers to meet their obligations, the Justice Department was quoted as saying.
Three banks settled under the program earlier this year and dozens more are expected to do so in the coming months, the report said.
Banks that were already under criminal investigation, such as Julius Baer and HSBC’s Swiss private bank, were excluded from the program.
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