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Banque Pasche, Arvest Privatbank settle with U.S. under Swiss bank program

Thu, Jul 09 16:41 PM BST

WASHINGTON, July 9 (Reuters) - Banque Pasche SA and Arvest Privatbank AG will pay penalties to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, the latest Swiss banks to resolve tax evasion probes.

Banque Pasche SA will pay $7.229 million and Arvest Privatbank $1.044 million in penalties to the United States, the U.S. Justice Department said on Thursday.

Fifteen Swiss banks have already cut deals with the Justice Department under a voluntary program set up in 2013, through which eligible Swiss banks could report suspected tax evasion in U.S-related accounts.

(Reporting by Lindsay Dunsmuir ; Editing by Mohammad Zargham)