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...“But we can confirm that BSI is strongly committed in [anti-money laundering] controls and co-operates with the authorities if and when requested.”...
...The US tax investigation led to hefty fines for the likes of Credit Suisse and UBS, and prompted the collapse of banks Wegelin and Frey last year....
...• Jean-René Germanier Cornalin 2012 Valais • Histoire d’Enfer, Valais (amazing range of Pinot Noirs and Humagne of both colours) • Cantina Kopp von der Crone Visini, Balin Merlot 2009 Ticino • Peter Wegelin...
...A global crackdown on tax evasion is another costly issue, particularly in Switzerland, where US fines have already helped force two private banks – Wegelin & Co and Frey & Co – out of business....
...Many observers have linked that shift with the decision by rival private bank Wegelin to close after admitting to aiding US tax fraud....
...The global crackdown on tax evasion is another costly issue, particularly in Switzerland, where US fines have already helped force two private banks – Wegelin & Co and Frey & Co – out of business, and where...
...In 2009, UBS, Switzerland’s largest bank, paid $780m to settle allegations that it had helped American citizens dodge taxes, while earlier this year Wegelin, Switzerland’s oldest private bank, was forced...
...Following the demise of Switzerland’s oldest private bank, Wegelin, earlier this year, Zurich-based Bank Frey announced last week that it will also close down, citing the tax dispute with US authorities...
...He adds: “[The restructure] has been accelerated by events at Wegelin and similar problems in Europe....
...“The settlement between Wegelin and the US authorities has no impact on the current investigations,” the bank says, adding that it was co-operating with regulators and expected to reach a settlement without...
...Wegelin previously forfeited $16m to the US. Wegelin said the settlement would be paid from funds specifically allocated to legal risks. The bank, which was founded in 1741, would close soon....
...Under Wegelin’s legal structure its partners were personally financially liable for the bank....
...In 2012 US officials indicted Wegelin bank for aiding US taxpayers in tax evasion, driving the oldest private Swiss bank out of business....
...The bank last year sold the bulk of its business to Swiss co-operative lender Raiffeisen, prompting the effective disappearance of Wegelin....
...concluded, Wegelin will cease to operate as a bank.”...
...Wegelin, Switzerland’s oldest private bank, paid only 5 per cent after being indicted by US authorities last year, though it was subsequently forced to close....
..., the New York Times has decided to give space on its world news page to a less well-known Swiss town: St Gallen, where it tells the tale of the demise of an also not-so-famous, but extremely old, bank Wegelin...
...In February last year, Wegelin, the country’s oldest bank, caused shockwaves when it became the first foreign bank to be indicted by the US authorities for aiding tax fraud....
...The intention is that the banks seek settlements and avoid the fate of Wegelin, a Swiss bank that went out of business in January after an indictment in the US....
...Mr Strassberg most recently represented Wegelin, the private Swiss bank that pleaded guilty to helping US citizens avoid paying $1bn in taxes....
...Wegelin has said it is willing to co-operate with the US. Several other Swiss and Israeli banks are under investigation....
...Earlier this year Wegelin, Switzerland’s oldest bank, said it would close down after pleading guilty to setting up a tax evasion scheme for US clients....
...Just weeks later Wegelin had offloaded its non-US activities in a “shotgun” sale to Raiffeisen Switzerland Co-operative as US prosecutors filed criminal charges against Wegelin for allegedly helping its...
...Wegelin, Switzerland’s oldest private bank, was this year indicted for allegedly helping US citizens evade paying taxes on $1.2bn in assets....
...St Gallen-based Wegelin & Co, founded in 1741, may be Switzerland’s oldest bank but its fund management arm is decidedly more quant than quaint....
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