Banamex USA, a Mexican unit of Citigroup, will pay $97.44 million and enter into a non prosecution agreement to settle allegations the company violated the Bank Secrecy Act. Banamex and Citigroup were represented by Brad Karp and Susanna Buergel of Paul Weiss in New York. The non prosecution agreement came under immediate fire from corporate […]

The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad. Since that presentation, the US Department of Justice (DOJ) has announced the first Non-Prosecution Agreement (NPA) with BSI, SA, (BSI) one of Switzerland’s largest banks, under its Swiss Bank Program. The NPA illuminates the Swiss banking community’s struggle to comply with […]

  For more than six years—since the United States first indicted UBS in July of 2008 in the Southern District of Florida—Swiss banks have been closely scrutinized by the United States Department of Justice (“DOJ”) over their alleged assistance of US tax evaders. On August 29, 2013, the DOJ and the Swiss Federal Department of […]