More than 100 banks that have a reason to
believe they may have committed tax offences, defined as
category two banks, have signed up to the program. They are
eligible for a non-prosecution agreement if they come clean and
The banks now have until July 31 to turn over the necessary
information. The Justice Department said it had extended the
original June 30 deadline because some banks were having trouble
verifying whether an account was undeclared or disclosed in a
timely manner to the U.S. Internal Revenue Service.
The Swiss government-brokered program requires the category two
banks to hand over some previously hidden information and face
penalties equivalent to up to 50 percent of the assets they
managed on behalf of wealthy Americans.
Last month Credit Suisse <CSGN.VX>, which was one of 14 category
one banks, became the largest bank in decades to plead guilty to
a U.S. criminal charge and will pay more than $2.5 billion in
penalties for helping Americans evade taxes.
(Reporting by Joshua Franklin; Editing by Steve Orlofsky)
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