August 28, 2018

The U.S. has entered in to a deferred prosecution agreement with Swiss bank Basler Kantonalbank (BKB), with BKB agreeing to pay over $60 million in penalties and cooperate with ongoing investigations regarding U.S.-related accounts.  The bank held over 1,000 accounts for U.S. customers, with an aggregate value over $800 million; many of these accounts were not declared to U.S. taxing authorities by the account-holders; the bank provided specific services to its undeclared clients to promote concealment of assets and income from U.S. taxing authorities.  DOJ

Tagged in: Abusive Tax Shelters, Tax Fraud,