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IHAG bank manager admits to aiding tax evasion in the USA

An executive of the holding company, which owns the Swiss private bank IHAG, has pleaded guilty before the US judiciary to aiding and abetting tax evasion. He is said to have helped US clients hide their accounts from the US Internal Revenue Service (IRS).

The US Department of Justice said Thursday night that more than $60 million in assets were said to have been hidden from the IRS in undisclosed accounts by wealthy US clients. The manager is said to have worked with other people to hide the money from 2009 to 2014.

In this context, the US judiciary has already brought charges against six bankers linked to the private bank at the end of September 2021. However, it is not clear whether the now recognized banker is one of the accused.

With an intricate web of transactions, the money was routed through various accounts in Europe and Asia. The process is known as the “Singapore solution”. It is said that the money eventually ended up in the private bank IHAG in Switzerland.

The recognized director does not deny a tax loss of about half a million dollars. He also agreed to increase the penalty. He now faces up to five years in prison and a fine. A federal district judge has yet to set a sentence.

The private bank IHAG itself came to an agreement with the US Department of Justice (DoJ) in the tax dispute in November 2015. It had paid a fine of $7.45 million. In September 2021, the institute confirmed in a statement that IHAG Holding and IHAG Privatbank were not affected by the renewed U.S. Attorney’s Office actions.