Swiss Life Gets Busted for Conspiring with US Tax Evaders to Hide Assets and Income
Posted on 05/24/2021
On May 14, 2021, the U.S. Department of Justice (DOJ) filed a criminal information charging Swiss Life Holding AG (Swiss Life Holding), Swiss Life (Liechtenstein) AG (Swiss Life Liechtenstein), Swiss Life (Singapore) Pte. Ltd. (Swiss Life Singapore), and Swiss Life (Luxembourg) S.A. (Swiss Life Luxembourg), collectively, the “Swiss Life Entities,” with conspiring with U.S. taxpayers and others to conceal from the Internal Revenue Service (IRS) more than US$ 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.
Swiss Market Ends Higher For 2nd Straight Day
BRUSSELS (dpa-AFX) - The Switzerland stock market, which briefly slipped into negative territory after opening higher Friday morning, recovered swiftly and gradually moved higher to finally end the session on a firm note.
Rising optimism about global economic recovery and good progress in the vaccination drive lifted the market and pushed the benchmark index SMI closer to its all-time high.
The SMI ended with a gain of 73.50 points or 0.66% at 11,225.58, slightly off the day s high of 11,239.20, and not far from the record high of 11,266.78 posted in mid-April. On Thursday, the index ended with a gain of 106.88 points or 0.97%.
BRUSSELS (dpa-AFX) - The Switzerland stock market ended on a weak note on Wednesday, in line with the trend seen across the globe, amid mounting worries about inflation and on speculation global
NEW YORK (AP) Switzerland’s biggest and oldest life insurance company will pay more than USD77 million to the United States (US) Treasury after admitting it helped US taxpayers dodge tax responsibilities through offshore accounts after Swiss banks stopped providing tax-dodging help to US taxpayers because of law enforcement scrutiny, prosecutors announced on Friday. Swiss […]
Swiss Life to pay $77.4 million to settle U.S. criminal tax evasion case
Reuters | May 14, 2021 11:32 PM EDT
The logo of insurer Swiss Life is seen at its headquarters in Zurich, Switzerland (Photo : REUTERS/Arnd Wiegmann)
Swiss Life Holding AG agreed to pay $77.4 million and enter a deferred prosecution agreement to resolve a U.S. criminal case in which Switzerland s largest insurer was accused of helping wealthy American clients evade taxes.
The three-year agreement announced on Friday resolves a charge that Swiss Life conspired to defraud the U.S. Internal Revenue Service by concealing more than $1.45 billion in offshore insurance policies.