Lombard Odier has signed an addendum to its non-prosecution agreement with the US Department of Justice. This will mean the Swiss bank will pay an additional sum of $5,300,000 to the US authorities.
In addition, it “will provide to the Department supplemental information regarding its U.S.-related account population, which now includes 88 additional accounts,” a statement from the DoJ said.
Under the Swiss bank programme, Lombard Odier had already paid over $99 million in fines to the DoJ.
The programme, which was announced on 29 August 2013, allowed Swiss banks to resolve potential criminal liabilities in the United States relating to offshore banking services provided to United States taxpayers.
Any bank that signed a non-prosecution agreement under the programme had to disclose “all of its U.S.-related accounts that were open at each bank between 1 August 2008, and 31 December 2014,” the DoJ said. It added that “Lombard Odier acknowledges that there were certain additional US-related accounts that it knew about, or should have known about, but that were not disclosed to the Department at the time of the signing of the non-prosecution agreement. Lombard Odier provided early self-disclosure of their unreported US-related accounts and has fully cooperated with the Department.”
“The Department of Justice and Internal Revenue Service have capitalised on information obtained under the Swiss Bank Programme to analyse the flow of money of US tax evaders from closed Swiss bank accounts to banks in other countries. As a result, the Department has learned more about the methods of those who continue to evade their tax obligations and those institutions that assist them,” said Richard E. Zuckerman, Principal Deputy Assistant Attorney General of the Department of Justice’s Tax Division. “I urge any banks that aided and abetted in these schemes, or that have received money from closed Swiss bank accounts owned or controlled by persons or entities that are U.S. related, to contact the Tax Division and disclose complete and accurate information about these activities before they are contacted by the Division or the IRS.”