Swiss Life admits to conspiring with US taxpayers to hide assets and income in offshore accounts

News Team, 18/05/2021

The US Department of Justice has filed a criminal information charging insurance giant Swiss Life with conspiring with US taxpayers and others to conceal from the IRS more than $1.452 billion in offshore insurance policies, including more than 1,600 insurance wrapper policies, and related policy investment accounts in banks around the world and the income generated in these accounts.

The Justice Department also announced a deferred prosecution agreement with Swiss Life under which it agreed to pay approximately $77.3 million to the US Treasury, which includes restitution, forfeiture of all gross fees, and a penalty component. If ...

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