Swiss private bank UBP has become the latest institution to use the US Department of Justice’s (DOJ) Swiss Bank Programme to settle historic cases of aiding tax evasion. The Geneva-based bank will pay a fine of $187 million and will not be prosecuted for the offence.

“Today’s agreement marks the final resolution with UBP, which acknowledges its role in conspiring with US taxpayers to evade US tax through an array of sham entities, structured transactions, nominees and bank services designed to disguise the true ownership of foreign accounts and other assets,” said Acting Assistant Attorney General Ca...