A Liechtenstein bank has agreed to pay more than $23.8 million to the United States under a nonprosecution agreement with the U.S. Attorney's Office for the Southern District. The bank was investigated for helping U.S. taxpayers evade taxes by maintaining secret accounts.
The U.S. Justice Department on Tuesday announced the agreement with Liechtensteinische Landesbank AG, a bank based in Vaduz, Liechtenstein, and referred to as LLB-Vaduz. The government said the agreement provides that the bank will not be criminally prosecuted for opening and maintaining undeclared accounts for U.S. taxpayers from 2001 through 2011, when LLB-Vaduz assisted "a significant number of U.S. taxpayers in evading their U.S. tax obligations, filing false federal tax returns with the IRS and otherwise hiding accounts held at LLB-Vaduz."
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