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Liechtenstein Bank Agrees to Pay to $24 Million to Settle U.S. Tax Evasion Charges
By Colby Adams
printLiechtenstein's oldest bank will pay nearly $24 million to the United States for aiding American tax evaders for at least a decade, the Southern District of New York disclosed Tuesday. In a non-prosecution agreement (NPA), Vaduz-based Liechtensteinische Landesbank AG (LLB) said that it had knowingly maintained accounts for as many as 1,200 American tax dodgers per year, helping them hide as much as $340 million from the IRS by opening accounts for phony corporate entities and using agreed upon code words to discuss transactions. The bank's Liechtenstein-based unit only ceased allowing Americans to open such accounts after discovering in 2008...
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