Biggest Swiss Insurance Firm, Subsidiaries Admit Tax Plot Against US - Justice Dept.

WASHINGTON (Pakistan Point News / Sputnik - 14th May, 2021) Switzerland's largest insurance company and three subsidiaries have admitted to conspiring with US taxpayers to hide assets and income in offshore accounts and have agreed to pay more than $77 million in a deferred prosecution agreement, the Department of Justice said on Friday.

"Swiss Life Holding AG, Swiss Life (Liechtenstein) AG, Swiss Life (Singapore) and Swiss Life (Luxembourg) enter into [a] deferred prosecution agreement for criminal misconduct; agree to pay more than $77 million," the Justice Department said in a press release. "The Swiss Life Entities agreed to pay ... $77.3 million to the US Treasury."

The companies were charged with conspiring with US taxpayers and others to conceal from the Internal Revenue Service (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, the release said.

The US government has agreed to "a deferred prosecution agreement with the Swiss Life Entities under which they agreed to accept responsibility for their criminal conduct by stipulating to the accuracy of the Statement of Facts ... to refrain from all future criminal conduct [and] enhance remedial measures," the Justice Department said.

The agreement also requires the Swiss company and its subsidiaries to continue to cooperate fully with further investigations into hidden insurance policies and related policy investment accounts, the Justice Department added.�