Another Swiss Bank Falls Into Line

IRS vs expats

Rothschild to Pay $45.4 mn to End U.S. Tax Probe

December 18, 2015
This was announced in today’s  AccountingToday.com online.

“Edmond de Rothschild (Suisse) SA agreed to pay $45.4 million to avoid prosecution for helping U.S. clients evade taxes, admitting it aided them in moving cash and using sham offshore entities to hide money from the Internal Revenue Service. The bank will also be handing lists of their tax evading clinets

Rothschild is the 68th Swiss bank to reach an accord with the U.S. Justice Department this year, which has secured $802.3 million under a disclosure program that requires firms to say how they helped Americans cheat and where their money went.

In a non-prosecution agreement, the bank signed a statement of facts that detailed misconduct by relationship managers at Edmond de Rothschild (Suisse) and a Lugano unit that handled 950 U.S. accounts that held $2.16 billion between 2008 and 2013. In…

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