Liechtensteinische Landesbank is close to reaching a settlement with the US Department of Justice, which is threatening to prosecute it for allegedly abetting tax evasion by American clients. LLB would become the third European bank, after Switzerland's UBS and Wegelin, to settle with U.S. authorities clamping down on offshore banks they accuse of helping wealthy Americans to avoid paying tax.
The tiny European principality of Liechtenstein has been quicker than Switzerland to succumb to pressure on its banking secrecy laws, but its banks have struggled with the resulting drop in client assets.
LLB now expects the settlement to cost it up to CHF47 million (USD50 million), rather than the CHF16 million originally budgeted.
In March it announced plans for a 25 per cent staffing cut following the closure of its Swiss operation.
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Source:
Read more at: Tax Times blog
