Liechtenstein bank to pay $23.8M in NY tax case
NEW YORK (AP) — A New York prosecutor says a Liechtenstein bank will pay $23.8 million to resolve a probe into its use of undeclared accounts to help U.S. taxpayers dodge taxes.
U.S. Attorney Preet Bharara on Tuesday announced the agreement by Liechtensteinische Landesbank AG, located in Vaduz.
He says the non-prosecution agreement demonstrates the “unprecedented nature of the bank’s cooperation.” He says it also should remind U.S. tax cheats authorities can scrutinize offshore accounts.
The government says the bank held more than $340 million in undeclared assets on behalf of U.S. taxpayers in more than 900 accounts in 2006. It says the bank helped a significant number of U.S. taxpayers evade taxes from 2001 through 2011.
The bank says the deal resulted from “intensive negotiations.”