News

One of Switzerland's oldest and largest private banks will pay more than $200 million to U.S. officials for helping wealthy American clients create fake trusts and sham corporations in order to evade taxes. Under the terms of the non-prosecution agreement (NPA) published Monday, BSI SA will pay a $211 million penalty to the U.S. Justice Department and must also provide information to help authorities investigate individuals and other financial institutions that may have evaded taxes. The NPA is the first of its kind to be reached with a Swiss bank under the terms of the Justice Department's Swiss Bank Program...