Switzerland’s oldest bank, Wegelin & Co., has agreed to pay $74 million to the United States to settle charges that it conspired to evade taxes with its U.S. clients, in the first-ever guilty plea to tax law violations by a foreign bank.
The Justice Department and the Internal Revenue Service announced the guilty plea and settlement Thursday, the largest in a tax case since another Swiss bank, UBS, agreed in 2009 to pay $780 million to settle U.S. criminal charges under a deferred prosecution agreement and turn over the names of 4,500 clients.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access