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LGT Could Face Tax Evasion Penalty, But Collection Won’t Be Easy
By Brian Monroe
printA Lichtenstein bank accused by U.S. lawmakers of aiding tax evaders could face sanctions on the heels of a nearly $800 million penalty against UBS AG, according to banking consultants. U.S. senators accused LGT Lichtenstein and Switzerland-based UBS in a July hearing of assisting American citizens in evading taxes through offshore banking vehicles. On February 18, the U.S. Justice Department fined UBS for helping 17,000 U.S. citizens hide their money from the Internal Revenue Service offshore. The department is likely to seek a similar action against LGT, but prodding the bank to pay a settlement may ultimately be more difficult,...
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