Switzerland's oldest bank was closed due to a claim of U.S. authorities
Switzerland's oldest private bank, Wegelin & Co, announced the termination of its activities. Such statements by Wegelin & Co has made after the admission of guilt that the bank helped U.S. citizens evade taxes. Wegelin & Co, which began its work more than two centuries ago, has admitted that for nearly ten years helped U.S. citizens evade taxes totaling $ 1.2 billion. As compensation, the bank agreed to pay fines to U.S. authorities 57.8 million. Do the Wegelin & Co reveal the names of its clients-Americans are demanding the U.S. government, not yet known.
Initially, the U.S. government in January 2012, brought charges related to tax evasion, to the three members of the management Wegelin & Co. However, in February the prosecution has been reworded and began to spread itself to the Swiss bank, which had originally pleaded not guilty.
Three members of the leadership Wegelin & Co has not pleaded guilty to that helped Americans evade taxes. The hearing of their case suspended, the date of its renewal is not declared.
Shortly after the bank was accused of the investigation conducted by the U.S. government, he was forced to sell much of its Swiss business Raiffesen Gruppe. The transaction amount was not disclosed, but analysts suggested that Wegelin & Co was forced to settle for a significant discount. By the beginning of 2013 at Wegelin & Co were only unit working on U.S. soil.
Wegelin & Co is just one of more than 10 Swiss banks, which U.S. officials suspected of providing illegal assistance to Americans in tax evasion. Analysts said the guilty plea and the closure of Wegelin & Co could be a turning point in the dispute between the U.S. and Swiss bankers.