Clock Ticking for U.S. Holdouts as BNP Joins Swiss Tax Pact
- 55 Swiss banks have settled this year, paying $532 million
- KBL (Switzerland) agrees to resolve probe for $18.8 million
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The clock is ticking for American tax dodgers around the world after BNP Paribas SA’s Swiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion.
BNP agreed to pay $59.8 million in a program that has brought in 55 banks and $532 million. KBL (Switzerland) Ltd. and Bank CIC, a unit of Paris-based Credit Mutuel-CIC Group also joined the program Thursday, paying $18.8 million and $3.3 million, respectively.