Zurich Insurance fined in the US for tax evasion

SWITZERLAND: Life insurance company fined for aiding US tax evasion

Swiss-based Zurich Insurance has agreed to pay USD5.1 million to the US Department of Justice for helping Americans evade taxes through the purchase of unit-linked insurance policies between 2008 and 2014. The firm issued 420 US-related policies, worth a total of USD100 million, that did not qualify for US tax relief but were not declared to the US tax authorities in foreign bank account reports.

Reuters 

Jack Townsend 

US Department of Justice

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