NEW YORK – The Swiss bank Wegelin has admitted to helping rich Americans avoid paying taxes in the United States.
NDJ World | Published: Jan 04 2013 North America→World News
The bank made that confession during a trial hearing in New York on Thursday, in exchange for being held exempt from prosecution.
The Wegelin bank in Switzerland admits to helping rich Americans avoid paying taxes in the US. Photo Credit: Wall Street Journal
However, Wegelin must pay more than $US780 million in fines and turn over the names of 4,000 US account holders it helped to avoid paying taxes to the tune of $US1.2 billion, held in secret accounts abroad.
The bank, which was founded in 1741, is Switzerland’s oldest bank.
According to the Wall street Journal, the Wegelin bank is the first Swiss financial institution to admit fault in the United States.
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