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“It’s not a matter of ‘if,’ it’s a matter of ‘when.”

The US Department of Justice (DoJ) have announced that asset management firm, Investment Network AG, and three of its wholly-owned subsidiaries (based in Zurich, the Cayman Islands and Liechtenstein), known collectively as The Swisspartners Group, have entered into an NPA – a non-prosecution agreement – with the US Attorney’s office.

The NPA states the Swisspartners Group will pay $4.4 million to the United States.  This was agreed in part due to the Group’s self-reporting and willingness to cooperate as well as disclosing 110 of their clients who were considered non-compliant US taxpayers.  The Group will not be criminally prosecuted for their participation in setting up the accounts for these clients over the period of approximately a decade.

The agreement requires the Group to forfeit $3.5 million to the US government, representing fees the Group earned by having these US clients, and $900,000, the approximate amount owed in tax from these US-taxpayer clients, to the IRS.

This agreement applies only to the four entities stated and not to any other subsidiary of the Investment Network AG or any individuals.

Deputy Attorney General James M. Cole said, “…we will continue to provide substantial credit for prompt and full cooperation.”  IRS CI (Criminal Investigation) Chief, Richard Weber, says, “It’s not a matter of ‘if,’ it’s a matter of ‘when.”

If you are not up-to-date on your taxes, or need Corporate advice, please contact us.

Source: DOJ Press Release

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