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First Swiss Bank Reaches Accord in Disclosure Program

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BSI SA agreed to pay $211 million and became the first Swiss bank to reach a deal to avoid Justice Department prosecution by saying how it helped taxpayers duck taxes for decades, including using secret code phrases to access cash.

The non-prosecution agreement, announced Monday by the Justice Department, is part of a U.S. program that lets Swiss banks escape charges by detailing their cross-border business and information on American accounts. Dozens of banks in the program were watching the first settlement closely.