SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
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.
Read the full story on BBC
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.