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Swiss bank to pay $60.4M in U.S. tax evasion case

Jaclyn Jaeger | August 29, 2018

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. 

At its peak in 2010, Basler Kantonalbank (BKB) held approximately 1,144 accounts for U.S. customers, with an aggregate value of approximately $813.2 million. Many, but not all, of these accounts were undeclared accounts that were part of the conspiracy, the Justice Department said.

“The era of hiding money overseas to evade U.S. tax obligations is over,” said Principal Deputy Assistant Attorney General Richard Zuckerman of the Justice Department’s Tax Division. “Financial institutions,...

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