Clare Boynton and Pierre Cadena Nominated to Join Raketech s Board of Directors phoenixherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from phoenixherald.com Daily Mail and Mail on Sunday newspapers.
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.
Company and its subsidiaries concealed the money in offshore insurance policies
Swiss Life and three of its subsidiaries have entered into a deferred prosecution agreement with the US department of justice (DoJ) for criminal misconduct and agreed to pay a fine of more than $77m (£55m, €63m).
The companies; which include the Liechtenstein, Luxembourg and Singapore operations, were charged with “conspiring with US taxpayers and others to conceal from the Internal Revenue Service (IRS) more than $1.45bn in offshore insurance policies”.
This includes over 1,600 insurance wrapper policies, and related policy investment accounts in banks around the world and the income generated in these accounts.
By Jaclyn Jaeger2021-05-17T16:18:00+01:00
Swiss Life Holding, Switzerland’s largest life insurance company, and three of its subsidiaries entered a deferred prosecution agreement (DPA) and will pay $77.4 million for conspiring with U.S. taxpayers to conceal more than $1.4 billion in offshore insurance policies, the Department of Justice announced Friday.
Swiss Life and its affiliated insurance carriers Swiss Life Liechtenstein, Swiss Life Singapore, and Swiss Life Luxembourg admitted to the scheme, which ran from 2005 to 2014, according to the Justice Department. The $77.4 million payment includes $16.3 million in restitution to the Internal Revenue Service (IRS); forfeiture of $35.8 million to the United States; and a penalty of approximately $25.2 million.
Imperial Valley News Imperial Valley News Center Switzerland’s Largest Insurance Company and Three Subsidiaries Admit to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts Details Written by DOJ
Washington, DC - The Department of Justice Friday 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 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.