Andrés Zambrano Co-Authors Article on DOJ’s Swiss Bank Program
International Journal for Financial Services has published the article “U.S. Corporate Pre-Trial Diversion for Tax-Related Offenses: The Case of the Swiss Bank Program,” co-authored by Akin Gump corporate associate Andrés Zambrano and Michaël Fernandez-Bertier of Allen & Overy. The article examines the Swiss Bank Program, which provides a way for Swiss banks to resolve potential criminal liabilities in the United States related to offshore non-compliance with U.S. tax laws.
Zambrano and Fernandez-Bertier begin by describing what the program is, noting it was created during the Obama administration. They analyze the structure of the program and the methods of resolution of potential criminal liability of Swiss Banks with a particular emphasis on non-prosecution agreements. They also detail some of the lessons learned from the program.
The article concludes by stating that, while programs such as the Swiss Bank Program “can serve as a model for similar programs in the future,” they also rely on the willingness of other countries “to engage with the [Department of Justice] in a collaborative process.” Failure to do so could risk “being cut off from doing business in the U.S.”