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Vontobel not penalized in US tax evasion probe

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Vontobel not penalized in US tax evasion probe

Swiss bank Vontobel Holding AG on Dec. 22 said it concluded discussions with the U.S. Department of Justice over potential violations of U.S. tax law without having to pay any financial penalty.

The bank noted in a subsequent release on Dec. 27 that it has neither sought nor received a nonprosecution agreement or a nontarget letter and that its Dec. 22 release was not intended to imply that it had resolved its case pursuant to the Justice Department's program for Swiss banks or that it had received any other disposition from the Department.

Bank Vontobel AG had declared in December 2013 that it believed that it had not violated tax law and that it would categorize itself accordingly under the Swiss bank program.