Cayman firms fined $6M for helping tax dodgers

Cayman National

(CNS Business): Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The bank will pay US$6 million in forfeiture and fines, prosecutors said. The US Department of Justice said it would follow tax evaders “no matter how far they go to hide their accounts, whether it is Switzerland, the Cayman Islands, or some other tax haven”.

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