Switzerland’s Largest Insurance Company And Three Subsidiaries Admit To Conspiring With U.S. Taxpayers To Hide Assets And Income In Offshore Accounts
Swiss Life Holding AG, Swiss Life (Liechtenstein) AG, Swiss Life (Singapore) Pte. Ltd., and Swiss Life (Luxembourg) S.A. Enter into Deferred Prosecution Agreement for Criminal Misconduct; Agree to Pay More than $77 Million
(STL.News) Audrey Strauss, United States Attorney for the Southern District of New York, Stuart M. Goldberg, Acting Deputy Assistant Attorney General of the Justice Department’s Tax Division, and James C. Lee, Chief of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced today the filing of 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 conceal from the Internal Revenue Service (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.
Ms. Strauss, Mr. Goldberg, and Mr. Lee also announced a deferred prosecution agreement with the Swiss Life Entities (“the Agreement”) under which they agreed to accept responsibility for their criminal conduct by stipulating to the accuracy of the Statement of Facts attached to the Agreement.