Oldest Swiss Bank Will Close after Tax Evasion Fine

Oldest Swiss Bank Will Close after Tax Evasion Fine

Wegelin, the oldest bank in Switzerland is to close permanently after it pled guilty in helping American taxpayers to evade their taxes.

Wegelin established in 1741 admitted that it allowed about one hundred American citizens to hide USD 1.2 bln from the US tax authority during ten years. The bank has agreed to pay USD 57.8 mln as a fine to US authorities. After the fine payment Wegelin will stop operating as a bank. 

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