Sat 01, Oct 2022
lawyers line
You are in Home » Law News » International » Liechtenstein Bank to Pay Millions Under Nonprosecution Agreement
By LL News|Email the author|Aug 02,2013   (2137 views)
A Liechtenstein bank has agreed to pay more than $23.8 million to the United States under a nonprosecution agreement with the U.S. Attorney`s Office for the Southern District. The bank was investigated for helping U.S. taxpayers evade taxes by maintaining secret accounts.

The U.S. Justice Department on Tuesday announced the agreement with Liechtensteinische Landesbank AG, a bank based in Vaduz, Liechtenstein, and referred to as LLB-Vaduz. The government said the agreement provides that the bank will not be criminally prosecuted for opening and maintaining undeclared accounts for U.S. taxpayers from 2001 through 2011, when LLB-Vaduz assisted `a significant number of U.S. taxpayers in evading their U.S. tax obligations, filing false federal tax returns with the IRS and otherwise hiding accounts held at LLB-Vaduz.`

Southern District U.S. Attorney Preet Bharara said the agreement `reflects the unprecedented nature of the bank`s cooperation, and serves as another reminder for U.S. tax cheats who mistakenly believe that their offshore bank will never turn over their account files to U.S. authorities.` The government said the bank, with help from Liechtenstein government, produced account files of more than 200 noncompliant taxpayers.

The bank was represented by Benjamin Brafman, Marc Agnifilo and Jacob Kaplan of Brafman & Associates. Brafman said the agreement is unique because several other banks facing similar investigations were either indicted, agreed to a deferred prosecution agreement or agreed to be monitored by an independent compliance expert. `We are pleased with the Southern District distinguishing LLB-Vaduz in this fashion,` Brafman said. Assistant U.S. attorneys David Massey, Daniel Levy and Jason Cowley were in charge of the matter.

Courtesy : New York Law Journal
Related links :
Recent Comments
Post your comments
Name :
Enter your Name 
Email ID :
Enter your Email ID 
Comments :
Solve this  
Related News
An Indian-origin law student has sued Manhattan`s top federal prosecutor Preet Bharara and the US Justice Department claiming she was unlawfully questioned and her cell phone confiscated after she sen[..]
A Missouri prosecutor who dropped charges in a controversial rape case will ask a court to appoint a special prosecutor to review the facts and look at possibly refiling charges.
Nodaway County[..]
In a case that pits First Amendment rights of young Americans to display pride in their country against the power of high school administrators to take reasonable measures to promote student safety, a[..]
India and Latvia signed an agreement for providing tax stability to residents of both countries and facilitate economic cooperation by stimulating flow of investment, technology and services.
Subscribe Now
Subscribe to the Newletter
I have read and agree to the Privacy Policy
Indian No. 1 Remarriage Matrimony
Copyright © 2011 Lawyers Line.. All rights reserved