Swiss bank Rahn+Bodmer admits to tax evasion in US probe

[NEW YORK] Swiss private bank Rahn+Bodmer has admitted to helping clients evade taxes in the United States and agreed to pay US$22 million in penalties, the US Department of Justice said on Thursday.

If the Zurich-based firm, which was founded in 1750, complies with certain rules for three years and cooperates with authorities, the charges will be dropped, the department said in a statement.

Rahn+Bodmer is accused of helping clients in the United States conceal assets and money and file false returns to evade taxes between 2004 and 2012.

The company's bankers helped about 340 clients hide assets and funds in Swiss bank accounts that were not reported to US authorities, the Justice Department said.

The bank agreed to pay US tax authorities US$4.9 million in unpaid taxes, US$9.7 million in fees that it earned from the undeclared accounts, as well as a US$7.4 million fine.

AFP