» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 42 | NO. 34 | Friday, August 24, 2018

Swiss bank makes $60M deal with US over hidden accounts

Print | Front Page | Email this story

MIAMI (AP) — Federal prosecutors say a Swiss bank has reached an agreement to pay more than $60 million to the U.S. and provide information to investigators about concealed accounts Americans used to avoid taxes.

The Miami U.S. attorney's office said in a news release Tuesday that Basler Kantonalbank will pay restitution to the Internal Revenue Service, a fine to the U.S. government and forfeit fees the bank earned from undeclared accounts from 2002 to 2012.

The deferred prosecution agreement signed by bank lawyers says that at its peak, the bank had 1,144 accounts for U.S. customers with a total value of more than $813 million.

Prosecutors say Basler Kantonalbank saw an opportunity when Swiss bank UBS AG came under investigation for similar conduct. That bank also made a deal with U.S. officials.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0