RPT-UPDATE 4-BSI becomes first Swiss bank to settle under U.S. tax programme

March 31, 2015 1:10 PM

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WASHINGTON/ZURICH, March 31 (Reuters) - Swiss bank BSI has become the first of what is expected to be several dozen Switzerland-based private banks to reach a deal under a voluntary disclosure programme for tax-related offenses being run by the U.S. Department of Justice.

The programme, launched in 2013, allows Swiss banks to avoid prosecution by coming clean about their cross-border business in undeclared U.S.-related accounts, though it excluded banks already under criminal investigation in relation to their Swiss activities.

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