Liechtenstein Bank to Pay $23.8 Million in U.S. Tax Case

Liechtensteinische Landesbank AG, the oldest bank in the Alpine principality, won’t be prosecuted by the U.S. government after agreeing to pay $23.8 million and admitting it helped American clients evade taxes.

The bank, based in Vaduz, admitted using secret accounts from 2001 to 2011 to help clients hide as much as $341 million from the Internal Revenue Service. It gave the U.S. Justice Department files on more than 200 secret accounts after Liechtenstein amended its law last year to allow such transfers.