Skip to content
Subscriber Only

Swiss Banker to Royalty to Pay $45.4 Million to End U.S. Tax Probe

  • U.S. has accords with 68 Swiss banks, raising $802.3 million
  • Rothschild helped clients move cash, use offshore structures

Edmond de Rothschild (Suisse) SA agreed to pay $45.4 million to avoid prosecution for helping U.S. clients evade taxes, admitting it aided them in moving cash and using sham offshore entities to hide money from the Internal Revenue Service.

Rothschild is the 68th Swiss bank to reach an accord with the U.S. Justice Department this year, which has secured $802.3 million under a disclosure program that requires firms to say how they helped Americans cheat and where their money went.