Wegelin, Switzerland's oldest bank, will close down after pleading guilty to charges it helped Americans evade their taxes. The guilty plea was made by the bank at a New York court, which also ordered Wegelin to pay US authorities fines of US$57.8 million. Established in 1741, the bank had admitted to allowing Americans to hide an estimated $1.2 billion from the Inland Revenue Service for a decade, according to BBC. Wegelin becomes the first foreign bank to plead guilty to tax evasion charges in the US.

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