The Oldest Bank of Switzerland to Pay 58 Million Dollar to US in Tax Evasion Case

Jan 5, 2013 15:48 IST

WegelinThe oldest bank of Switzerland, Wegelin & Co became first foreign bank that pleaded guilty in the United States for the case of tax evasion. The bank admitted on 3 January 2013 that it assisted various American clients to conceal over 1.2 billion dollar from Internal Revenue Service (IRS).
 
Wegelin & Co which laid its foundation in 1741 entered its statement in federal court of Manhattan and agreed to pay a sum of 20 million dollar as a repayment to the IRS, 22 million dollar fine, apart from additional 15.8 million dollar which represented the gross fees that the bank earned on undeclared accounts of the US taxpayers between the time duration of 2002 to 2011.

US authorities declared that the overall money along with the April forfeiture of over 16.2 million dollar by bank indicated towards the fact that there was an overall recovery of around 74 million dollar by the US. The bank was blamed for assisting around 100 US clients in hiding huge amount of money in the overseas accounts from federal tax collection agency.

US Attorney Preet Bharara believed that the bank had become a secure place for those US taxpayers who wanted to cheat on the taxes through their undisclosed off-shore accounts.

Is this article important for exams ? Yes4 People Agreed
Read more Current Affairs on: oldest bank of Switzerland , foreign bank , US authorities

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK