Hello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen; I’m an International Tax Attorney and owner of Sherayzen Law Office, Ltd.
Today, we are continuing our vlog from Zurich, Switzerland. We are standing in front of the Julius Bar or Baer Bank here in downtown Zurich. Julius Baer is a Multinational Private Bank which was investigated by the IRS and entered into the anti-prosecution deferral agreement with the US Department of Justice in 2016; it paid over $500 million dollars in Penalties and agreed to disclose all of its US Clients to the Department of Justice.
A bank which does not comply with US Tax Reporting Requirements, which assists US Taxpayers in hiding foreign income or foreign assets is likely to draw the wrath of the US Department of Justice and may face criminal prosecution from the US Government.
This is why it is important for Foreign Financial Institutions to stay in Compliance with FATCA and CRS. If you are a banker who is interested in developing a FATCA Compliance Program for your bank, contact me directly at (952) 500-8159 or email me at [email protected]
Thank you for watching, until the next time.