Cayman Islands firms agree to tax probe penalties
by Agency Staff,
2016-03-10 00:04:28.0
NEW YORK — Two units of Cayman National Corporation pleaded guilty to helping US clients evade taxes as a Justice Department crackdown on tax cheats expands beyond Switzerland.
Switzerland’s three largest banks have resolved criminal tax cases with the US, paying a combined $3.9bn and admitting how they helped Americans dodge taxes. Another 80 Swiss banks avoided prosecution in the past year by paying penalties of $1.37bn and voluntarily disclosing their wrongdoing as part of a Justice Department programme.
Cayman National Securities and Cayman National Trust entered the guilty pleas on Wednesday in New York federal court through their lawyer. Each unit agreed to forfeit $1.7m and each will pay a fine of more than $384,000, prosecutor Sarah Paul said.
Cayman National, the parent, has offered full service banking and investment opportunities since 1984, according to the bank’s website.
On February 5, Julius Baer Group agreed to pay $547m to avoid US prosecution and admitted it helped American clients hide billions of dollars in assets from tax authorities while coaching its bankers on how to avoid detection.
Julius Baer followed larger Swiss rivals UBS Group and Credit Suisse Group in resolving US tax probes. UBS did so by agreeing in 2009 to pay $780mn, while Credit Suisse reached a $2.6bn deal in 2014.
Bloomberg
Picture: THINKSTOCK
NEW YORK — Two units of Cayman National Corporation pleaded guilty to helping US clients evade taxes as a Justice Department crackdown on tax cheats expands beyond Switzerland.
Switzerland’s three largest banks have resolved criminal tax cases with the US, paying a combined $3.9bn and admitting how they helped Americans dodge taxes. Another 80 Swiss banks avoided prosecution in the past year by paying penalties of $1.37bn and voluntarily disclosing their wrongdoing as part of a Justice Department programme.
Cayman National Securities and Cayman National Trust entered the guilty pleas on Wednesday in New York federal court through their lawyer. Each unit agreed to forfeit $1.7m and each will pay a fine of more than $384,000, prosecutor Sarah Paul said.
Cayman National, the parent, has offered full service banking and investment opportunities since 1984, according to the bank’s website.
On February 5, Julius Baer Group agreed to pay $547m to avoid US prosecution and admitted it helped American clients hide billions of dollars in assets from tax authorities while coaching its bankers on how to avoid detection.
Julius Baer followed larger Swiss rivals UBS Group and Credit Suisse Group in resolving US tax probes. UBS did so by agreeing in 2009 to pay $780mn, while Credit Suisse reached a $2.6bn deal in 2014.
Bloomberg
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