Basler Kantonalbank entered into a deferred prosecution agreement and will pay $60.4 million in total penalties for conspiring with others to evade U.S. taxes, the Department of Justice announced.

In the DPA and related court documents, the Swiss Bank admits that between 2002 and 2012 it conspired with its employees, external asset managers, and clients to: (1) defraud the United States with respect to taxes; (2) commit tax evasion; and (3) file false federal tax returns. 

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...