BNP Paribas joins program to avoid tax prosecution

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The clock is ticking for American tax dodgers around the world after BNP ParibasSwiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion.

Bloomberg News reports that BNP agreed to pay $59.8m in a program that has brought in 55 banks and $532m. KBL Ltd. and Bank CIC, a unit of Credit Mutuel-CIC Group also joined the program Thursday, paying $18.8m and $3.3m, respectively.

Their accords, which let them avoid U.S. prosecution, spell out Swiss banking secrets in detail - including assets restructured into Liechtenstein-linked insurance policies, and a banker who agreed to communicate with one U.S. client by faxes or calls to a prepaid mobile phone.

To access the complete Bloomberg News article hit the link below:

Clock Ticking for U.S. Holdouts as BNP Joins Swiss Tax Pact

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