{"id":52649,"date":"2023-03-30T14:33:28","date_gmt":"2023-03-30T21:33:28","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=52649"},"modified":"2023-03-30T14:33:28","modified_gmt":"2023-03-30T21:33:28","slug":"swiss-executive-guilty-of-hiding-60-million-undeclared-assets-held-by-wealthy-americans-to-avoid-irs-taxes","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=52649","title":{"rendered":"Swiss Executive Guilty of Hiding $60 Million Undeclared Assets Held by Wealthy Americans To Avoid IRS Taxes"},"content":{"rendered":"

NEW YORK<\/strong><\/span><\/p>\n

\"\"A <\/span>Privatbank IHAG Holding Company executive admitted to setting up the \u201cSingapore Solution\u201d to hide undeclared bank accounts from the IRS, officials stated.<\/span><\/p>\n

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An executive of the holding company that owns Privatbank IHAG pleaded guilty today to conspiring to conceal over $60 million\u00a0of undeclared assets held by wealthy American clients of the Swiss private bank.\u00a0<\/span><\/p>\n

According to court documents, Daniel W\u00e4lchli, a member of the bank holding company\u2019s executive board, worked with others to help Privatbank IHAG conceal the accounts of American customers. <\/span><\/p>\n

Customers did not want to disclose their Swiss bank accounts to the IRS. <\/span><\/p>\n

The scheme involved several steps designed to obscure these undeclared accounts by stripping them of any indicia of U.S. ownership. <\/span><\/p>\n

Known as the \u201cSingapore Solution,\u201d conspiracy members sent over $60 million on \u201cround trips\u201d across the globe, according to officials.<\/span><\/p>\n

\"\"The money was sent from Privatbank IHAG accounts in Switzerland to a bank in Hong Kong before returning to Privatbank IHAG in accounts held by a Singaporean asset manager owned and controlled by the Swiss bank\u2019s holding company.<\/span><\/p>\n

Under the terms of his plea agreement, W\u00e4lchli will not dispute that the tax loss was $531,524. <\/span><\/p>\n

W\u00e4lchli faces up to five years in prison, officials stated.\u00a0<\/span><\/p>\n

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department\u2019s Tax Division and U.S. Attorney Damian Williams for the Southern District of New York made the announcement.<\/span><\/p>\n

IRS-Criminal Investigation is investigating the case.<\/span><\/p>\n

Senior Litigation Counsel Nanette Davis and Trial Attorney Christopher Magnani of the Justice Department\u2019s Tax Division and Assistant U.S. Attorney Olga Zverovich of the Southern District of New York are prosecuting the case.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK A Privatbank IHAG Holding Company executive admitted to setting up the \u201cSingapore Solution\u201d to hide undeclared bank accounts from the IRS, officials stated. 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