IRS List of Foreign Financial Institutions or Facilitators Increases Offshore Penalty

Last year the IRS Increased the offshore penalty percentage (from 27.5% to 50%) if, before the taxpayer’s OVDP pre-clearance request is submitted, it becomes public that a financial institution where the taxpayer holds an account or another party facilitating the taxpayer’s offshore arrangement is under investigation by the IRS or Department of Justice.

As of February here is the list of “Bad Banks.”

1.     UBS AG

2.     Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.

3.     Wegelin & Co.

4.     Liechtensteinische Landesbank AG

5.     Zurcher Kantonalbank

6.     swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG

7.     CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates

8.     Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.

9.     The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)

10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates

11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates (effective 12/19/14)

12. Bank Leumi le-Israel B.M., The Bank Leumi le-Israel Trust Company Ltd, Bank Leumi (Luxembourg) S.A., Leumi Private Bank S.A., and Bank Leumi USA (effective 12/22/14)

13. BSI SA (effective 3/30/15)

14. Vadian Bank AG (effective 5/8/15)

15. Finter Bank Zurich AG (effective 5/15/15)  

16. Societe Generale Private Banking (Lugano-Svizzera) SA (effective 5/28/15)

17. MediBank AG (effective 5/28/15)

18. LBBW (Schweiz) AG (effective 5/28/15)

19. Scobag Privatbank AG (effective 5/28/15)  

20. Rothschild Bank AG (effective 6/3/15)

21. Banca Credinvest SA (effective 6/3/15)

22. Societe Generale Private Banking (Suisse) SA (effective 6/9/15)

23. Berner Kantonalbank AG (effective 6/9/15)

24. Bank Linth LLB AG (effective 6/19/15)

25. Bank Sparhafen Zurich AG (effective 6/19/15)

26. Ersparniskasse Schaffhausen AG (effective 6/26/15)

27. Privatbank Von Graffenried AG (effective 7/2/15)

28. Banque Pasche SA (effective 7/9/15)

29. ARVEST Privatbank AG (effective 7/9/15)

30. Mercantil Bank (Schweiz) AG (effective 7/16/15)

31. Banque Cantonale Neuchateloise (effective 7/16/15)

32. Nidwaldner Kantonalbank (effective 7/16/15)

33. SB Saanen Bank AG (effective 7/23/15)

34. Privatbank Bellerive AG (effective 7/23/15)

35. PKB Privatbank AG (effective 7/30/15)

36. Falcon Private Bank AG (effective 7/30/15)

37. Credito Privato Commerciale in liquidazione SA (effective 7/30/15)

38. Bank EKI Genossenschaft (effective 8/3/15)

39. Privatbank Reichmuth & Co. (effective 8/6/15)

40. Banque Cantonale du Jura SA (effective 8/6/15)

41. Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA (effective 8/6/15)  

42. bank zweiplus ag (effective 8/20/15)

43. Banca dello Stato del Cantone Ticino (effective 8/20/15)

44. Hypothekarbank Lenzburg AG (effective 8/27/15)

45. Schroder & Co. Bank AG (effective 9/3/15)

46. Valiant Bank AG (effective 9/10/15)

47. Bank La Roche & Co AG (effective 9/15/15)

48. Belize Bank International Limited, Belize Bank Limited, Belize Corporate Services Limited, their predecessors, subsidiaries, and affiliates (effective 9/16/15)

49. St. Galler Kantonalbank AG (effective 9/17/15)

50. E. Gutzwiller & Cie, Banquiers (effective 9/17/15)

51. Migros Bank AG (effective 9/25/15)

52. Graubundner Katonalbank (effective 9/25/15)

53. BHF-Bank (Schweiz) AG (effective 10/1/15)

54. Finacor SA (effective 10/6/15)

55. Schaffhauser Kantonalbank (effective 10/8/15)

56. BBVA Suiza S.A. (effective 10/16/15)

57. Piguet Galland & Cie SA (effective 10/23/15)

58. Luzerner Kantonalbank AG (effective 10/29/15)

59. Habib Bank AG Zurich (effective 10/29/15)

60. Banque Heritage SA (effective 10/29/15)

61. Hyposwiss Private Bank Genève S.A. (effective 10/29/15)

62. Banque Bonhôte & Cie SA (effective 11/3/15)

63. Banque Internationale a Luxembourg (Suisse) SA (effective 11/12/15)

64. Zuger Kantonalbank (effective 11/12/15)

65. Standard Chartered Bank (Switzerland) SA, en liquidation (effective 11/13/15)

66. Maerki Baumann & Co. AG (effective 11/17/15)

67. BNP Paribas (Suisse) SA (effective 11/19/15)

68. KBL (Switzerland) Ltd. (effective 11/19/15)

69. Bank CIC (Switzerland) Ltd. (effective 11/19/15)

70. Privatbank IHAG Zürich AG (effective 11/24/15)

71. Deutsche Bank (Suisse) SA (effective 11/24/15)

72. EFG Bank AG (effective 12/3/15)

73. EFG Bank European Financial Group SA, Geneva (effective 12/3/15)

74. Aargauische Kantonalbank (effective 12/8/15)

75. Cornèr Banca SA (effective 12/10/15)

76. Bank Coop AG (effective 12/10/15)

77. Crédit Agricole (Suisse) SA (effective 12/15/15)

78. Dreyfus Sons & Co Ltd, Banquiers (effective 12/15/15)

79. Baumann & Cie, Banquiers (effective 12/15/15)

80. Bordier & Cie Switzerland (effective 12/17/15)

81. PBZ Verwaltungs AG (effective 12/17/15)

82. PostFinance AG (effective 12/17/15)

83. Edmond de Rothschild (Suisse) SA (effective 12/18/15)

84. Edmond de Rothschild (Lugano) SA (effective 12/18/15)

85. Bank J. Safra Sarasin AG (effective 12/23/15)

86. Coutts & Co Ltd (effective 12/23/15)

87. Gonet & Cie (effective 12/23/15)

88. Banque Cantonal du Valais (effective 12/23/15)

89. Banque Cantonale Vaudoise (effective 12/23/15)

90. Bank Lombard Odier & Co Ltd (effective 12/31/15)

91. DZ Privatbank (Schweiz) AG (effective 12/31/15)

92. Union Bancaire Privée , USP SA (effective 1/6/16)

93. PHZ Privat - und Handelsbank Zürich AG reorganized as Leodan Privatbank AG (effective 1/25/16)

94. Hyposwiss Privatbank AG reorganized as HSZH Verwaltungs AG (effective 1/27/16)

95. Bank Julius Baer & Co., Ltd (effective 2/4/16)