United States: US individual agrees to penalty of US$2.4 million for concealing assets offshoreJanuary 16, 2013
The US Department of Justice (DOJ) has announced that a US individual pleaded guilty before a US district court to a charge of conspiring to conceal assets in secret offshore bank accounts.
The announcement was made in a US Attorney District of New Jersey press release dated 7 January 2013.
According to the press release, the US individual and his co-conspirators opened numerous undeclared bank accounts in India and Switzerland, and used shell companies formed in the Cayman Islands and the British Virgin Islands to transfer millions of dollars to the undeclared accounts.
The press release further states that the US individual also failed to file the Report of Foreign Bank and Financial Accounts (FBAR, Form TD-F 90-22.1) with respect to his foreign accounts and filed false and fraudulent tax returns with the US Internal Revenue Service (IRS).
The press release also states that, as part of his guilty plea, the US individual agreed to:
- Pay a penalty of US$2.4 million for his failure to disclose the foreign accounts
- To file true and accurate tax returns
- To pay all taxes and penalties owed
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