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Basler Kantonalbank to pay $60.4 million for U.S. tax evasion conspiracy - Justice Department

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Basler Kantonalbank to pay $60.4 million for U.S. tax evasion conspiracy - Justice Department

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WASHINGTON (Reuters) - The U.S. Justice Department on Tuesday said that Basler Kantonalbank will pay $60.4 million (£46.8 million) in penalties as part of a deferred prosecution agreement on tax evasion.

The Swiss bank admitted in the agreement that between 2002 and 2012 it conspired with employees, external asset managers and clients to commit tax evasion and file false federal tax returns, the Justice Department said. At its peak in 2010, the value of the accounts it held for U.S. customers totalled approximately $813.2 million, according to the department, which added that many but not all of those accounts were used for tax evasion.

(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)

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