No Country Off-Limits For DOJ's Tax Evasion Crackdown

Law360, New York (March 23, 2016, 10:39 AM EDT) -- In its first-ever conviction of a non-Swiss financial institution for tax evasion conspiracy, the U.S. Department of Justice’s Tax Division announced on March 9, 2016, that two Cayman Islands firms pleaded guilty in a U.S. court to conspiring to hide more than $130 million in Cayman bank accounts. The two financial institutions, Cayman National Securities Ltd. (CNS) and Cayman National Trust Co. Ltd. (CNT), admitted that they helped U.S. clients hide assets in offshore accounts, and agreed to provide files of noncompliant U.S. account holders to the U.S. government.

The Tax Division’s announcement of the conviction of these Cayman Islands financial...

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