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Friday, January 4, 2013

Swiss bank acknowledges tax violations of US clients

 

The oldest private Swiss bank had confessed to helping American citizens evade taxes. This is the first time in history a  bank has admitted to tax-law violations. Wegelin & Company stated in the Federal District Court in Manhattan it held more than $1.2 billion in secret accounts. As part of guilty plea the bank, founded in 1741, has agreed to pay $74 million in fines to the United States government.

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