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Swiss bank Wegelin to close after US tax evasion fine

Author: BBC, Published on: 4 January 2013

Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes. Wegelin, which was established in 1741, has also agreed to pay $57.8m…in fines to US authorities. It said that once this was completed, it "will cease to operate as a bank". The bank had admitted to allowing more than 100 American citizens to hide $1.2bn from the Internal Revenue Service for almost 10 years…It becomes the first foreign bank to plead guilty to tax evasion charges in the US. Other Swiss banks have in recent years moved to prevent US citizens from opening offshore accounts. [also refers to UBS]

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Related companies: UBS Wegelin