Thread by @DawsonSField

Swiss insurance company busted for helping US taxpayers hid $1.4B in assets from the IRS. Money was assets hidden in Swiss banks that was going to be exposed by banks complying with US tax evasion laws.
#ButNothingsHappening

https://twitter.com/SDNYnews/status/1393225453654233088

They have reached a defered prosecution agreement in exchange with handing over the #receipts for 1600 insurance policies they marketed to help criminals evade taxes.
Policies were to take dirty cash & hold it until the statute of limitations ran out on tax evasion then cash it!

They will pay a $77M penalty & provide the evidence against all of the customers who evaded taxes. The DPA requires them to continue cooperating against the customers they were flipped against!

The scheme took place from 2005-2014 as the Swiss banks were being forced into compliance with US laws.

The funds were moved by off-shore law firms & intermediaries. Can you say #MossackFonseca?

The policies were often listed under a foreign relative's name & then paid out as a fake death claim to conceal the payment & repatriate the money.

Money was moved as gold, silver & precious gems to avoid receipts for the transactions!
They also had the statements sent to their off-shore representatives, law firms & accountants who kept the receipts out of the US.

They knew they were helping people break the law & even used corporate accounts to launder the funds...

Swiss Life is paying $16M in back taxes their customers evaded, the $36M they collected in fees, & a $25M penalty!
Most importantly they are providing info on 1608 accounts closed between 2008-2019

Their penalty was reduced because in addition to the receipts, they also contacted the taxpayers to see if they had paid their taxes. Likely extending the statute of limitations & forcing many to come forward to reduce their own penalties & prosecution.