Since 2009, the U.S. has prosecuted 68 account holders and more than 30 banking professionals for offshore tax crimes. The Department of Justice expects Swiss banks seeking to avoid prosecution to disclose their cross-border activities, give detailed account information on U.S. clients, describe other banks that received secret accounts and cooperate with requests for information under a 1996 U.S.-Swiss double taxation agreement, in addition to paying fines.
Arrangements to resolve the dispute over undeclared “legacy” accounts won’t deter Swiss firms from managing taxed cross-border assets for Americans in future, Odier said in an interview on the sidelines of today’s press conference.
Firms including UBS, Pictet & Cie. -- the nation’s largest closely held private bank -- and Lombard Odier all have investment advisers registered with the U.S. Securities and Exchange Commission that oversee assets for Americans.
“Our U.S. clients for the future will certainly be well-served by this SEC-registered company when it comes to asset management, and this is our core business,” Odier said.