US leaves Zürcher Kantonalbank off the hook

tax dispute

Commitments fulfilled: USA leaves Zürcher Kantonalbank off the hook

The United States terminated the agreement in a tax dispute with Zürcher Kantonalbank. Thus, the charge against the bank was officially dismissed.

The tax dispute with the United States is settled in favor of the ZKB.

Keystone

The so-called Deferred Trial Agreement (DPA) dates back to 2018. Zürcher Kantonalbank (ZKB) has signed it with the US Department of Justice in connection with previous business with US clients and has committed to pay US$98.5 million. That chapter is now closed: The US has ended a DPA agreement with the ZKB, the bank announced Tuesday.

The Attorney General in charge of New York had stated that the Bank had fully complied with its obligations under the Darfur Peace Agreement over the past three years. Therefore, a US court agreed to the prosecution’s request to dismiss the charges against him. She said this means that the charge against the ZKB has been formally dropped and the Darfur Peace Agreement has expired.

Martin Schul, President of the ZKB, was pleased with the decision. “We have worked closely with the authorities for the past three years and are complying with all regulatory and legal requirements,” he was quoted in a press release. (help)

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