According to the lawsuit filed against the companies, the companies began helping US taxpayers hide assets and income abroad after US authorities stepped up enforcement action against Swiss banks.
“Certain members of the management and sales staff of Swiss Life […] saw this development as a business opportunity […] by integrating American clients who were fleeing UBS and other Swiss banks, ”said the US Department of Justice (Department of Justice or DoJ).
The companies have entered into a deferred prosecution agreement with the DoJ, whereby they accept responsibility for their conduct, agree to take corrective action, and pay US $ 77.3 million in penalties and restitution, or forfeiture of $ 35. US $ 8 million in fees, US $ 16.4 million in IRS restitution and a penalty of US $ 25.3 million.
“As they admit, Swiss Life and its subsidiaries have sought out and offered their services to American taxpayers to help them become American tax evaders,” noted Audrey Strauss, United States Attorney for the Southern District of New York , in a press release.
“Swiss Life entities have offered private placement-type life insurance policies and related investment accounts to US clients, and have provided services that have allowed the policies and other assets to be concealed from the IRS. , she added. Indeed, the Swiss Life entities saw in the intensification of the fight against tax evasion abroad by the American authorities an opportunity to present themselves to American clients who evade tax as an alternative to Swiss banks. “
The DoJ said the sanction takes into account that Swiss Life provided support to the investigation and conducted its own in-depth internal investigation. Corrective measures have been implemented to guard against future offshore tax fraud.
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