Largest Swiss Insurance Company Settles Tax Crimes Case with the U.S.

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Tuesday, May 18, 2021
Author: 
Bruce Zagaris
Volume: 
37
Issue: 
5
Abstract: 

On May 14, 2021, the United States Department of Justice (DOJ) filed a criminal information charging Swiss Life Holding AG (Swiss Life Holding, Swiss Life (Liechtenstein) AG (Swiss Life Liechtenstein), Swiss Life (Singapore) Pte. Ltd. (Swiss Life Singapore), and Swiss Life (Luxembourg) S.A. (Swiss Life Luxembourg), collectively the “Swiss Life Entities,” with conspiring with U.S. taxpayers and others to hide from the IRS more than $1.452 billion in offshore insurance policies, including more than 1,600 insurance wrapper policies, and related policy investment accounts in banks around the world and the income generated in these accounts.[1]



[1]    U.S. Department of Justice, Switzerland’s Largest Insurance Company and Three Subsidiaries Admit to Conspiring with U.S. Taxpayers to Hide Assets and Income to Offshore Accounts, Press Rel. 21-441, May 14, 2021.