Oldest Swiss private bank Wegelin & Co.closes; pleaded guilty in U.S. tax probe

YEREVAN, January 8. /ARKA/. Wegelin & Co., the oldest Swiss private bank, said on Thursday it would shut its doors permanently after pleading to a criminal conspiracy charge in the U.S. and admitting that it had helped wealthy Americans for years avoid tens of millions of dollars in taxes, BBC reports.

In the latest blow to Switzerland’s centuries-old banking secrecy laws, Wegelin became the latest bank on Thursday to reach a deal with U.S. prosecutors as they continue a crackdown on offshore banks suspected of helping American evade taxes.

As part of the deal, Switzerland’s oldest private bank will pay as much as $74 million in penalties to US authorities and has said it “will cease to operate as a bank” once the case wraps up.—0-

spot_img

POPULAR

AMX held an auction to place government bonds worth 70 billion drams

YEREVAN, October 30. /ARKA/. On October 29, the Armenia...

Acba Bank at COP17: Solutions for Sustainable Agriculture

At COP17, Acba Bank participated in a panel discussion organized by the European Bank for Reconstruction and Development (EBRD) dedicated to the future of sustainable agriculture, long-term investments, and the need for environmentally responsible financing solutions.

Armenia plans to significantly increase capital expenditure on infrastructure — Ministry of Finance

Armenian Finance Minister Vahe Hovhannisyan and Asian Development Bank (ADB) Vice President Wempi Saputra discussed prospects for expanding cooperation, including in infrastructure investment and promoting the export of Armenian products.

An increase in refinancing rate will not necessarily lead to higher loan prices: Head of Central Bank

An increase in the refinancing rate does not necessarily mean higher loan prices, stated Martin Galstyan, Chairman of the Central Bank of Armenia.

Armenian Ministry of Finance developing a comprehensive framework for issuing thematic bonds

The Armenian Ministry of Finance is developing a comprehensive framework for issuing thematic bonds in domestic and international capital markets.

LATEST NEWS

spot_imgspot_imgspot_img