Swisspartners pays USD 4.4 mn to avoid US tax fraud charges

[Disir]

Swisspartners today said it would pay a USD 4.4-million fine to avoid prosecution over its past assistance to US tax dodgers, with Washington hailing the asset manager for its "extraordinary cooperation."

"The US tax issue is resolved," the Zurich-based asset manager's parent company the Lichtensteinische Landesbank (LLB Vaduz) said in a statement.

Swisspartners and the US Justice Department had signed a "non-prosecution agreement" on Friday, Liechtenstein's oldest bank said, stressing that provisions had already been made to cover the multi-million-dollar fine and it would not impact the asset manager's earnings.

The agreement is part of a US push to find tax dodgers and punish the banks that help them.

Fourteen Swiss banks, including Credit Suisse, the country's second-biggest, are officially under US criminal investigation, while many others are opting to acknowledge past wrongs and accept fines to avoid prosecution.

Swisspartners pays USD 4.4 mn to avoid US tax fraud charges | Business Standard

Way to slap the hand.

 

[Ahsan558]

Tax officers should conduct a record of this transaction.