ZURICH LIFE INSURANCE COMPANY AND ISLE OF MAN-BASED AFFILIATE TO PAY DOJ $5.1 MILLION FOR FAILING TO STOP CLIENTS EVADING US TAX OBLIGATIONS THROUGH THEIR SERVICES

On 29th April, KYC 360 reported that from January 2008 to June 2014, the companies maintained approximately 420 US-linked policies, worth an aggregate $102 million, for clients who did not provide evidence that they had filed Foreign Bank Account Reports (FBAR) to the IRS.  The Isle of Man company, Zurich International Life, sold policies that gave US taxpayers and other clients a “suite of specialized investment options” with “minimal-to-no risk mitigation function,” according to a department statement, which announced a non-prosecution agreement with the insurer.

https://www.riskscreen.com/kyc360/news/zurich-life-insurance-co-to-pay-5-million-for-client-tax-dodging/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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