Top firm pays up as clients cheated IRS

Large cash and gold withdrawals were one way Bank Lombard Odier & Co allowed U.S. clients to sever a paper trail on their assets and cheat the Internal Revenue Service, the bank admitted, agreeing to pay $99.8m to avoid prosecution.

Bloomberg News reports that penalty is the second-largest paid under a program to help the U.S. clamp down on tax evasion through Swiss banks.

Total penalties have reached more than $1.1bn as banks have revealed how they helped clients hide money and where the assets went. DZ Privatbank (Schweiz) AG will also pay almost $7.5m under accords released Thursday.

The U.S. has struck 75 such non-prosecution agreements this year, with the tempo and dollar amount increasing in recent weeks as it rushes to finish.

To access the complete Bloomberg News article hit the link below:

Swiss Bank Admits Cash and Gold Withdrawals Cheated IRS

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