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Swiss Bank Warned Staff Against Helping US Investigation: Prosecutors

By Valentina Pasquali

A Swiss lender’s decision to pressure two of its employees into withholding cooperation from the U.S. Justice Department may have cost it millions of dollars in additional penalties. On Monday, New York federal prosecutors disclosed that Zurcher Kantonalbank agreed to pay nearly $100 million to avoid prosecution for knowingly helping American clients avoid paying more than $39 million in taxes on income secretly held in 2,000 accounts from 2002 to 2013. The fine reflects the lender’s cooperation with the Justice Department, according to the 38-page deferred prosecution agreement, but also accounts for the fact that ZKB “dissuaded” two of its...

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