YEREVAN, March 5. / ARKA /. Switzerland's oldest bank was ordered to pay a total of $74 million to the U.S. government in the first-ever criminal sentence for a foreign bank accused of violating U.S. tax laws, vestifinance.ru reported citing The wall Street Journal.

The penalty came after the bank, Wegelin & Co., pleaded guilty in January to criminal conspiracy charges, admitting it turned a blind eye to tax evasion allegedly committed by its hundreds of American customers. Wegelin, which didn't have branches or offices in the U.S., believed it wouldn't be prosecuted by U.S. law enforcement, according to court documents.

The order, issued by U.S. District Judge on Monday, effectively finalizes a plea agreement made between the bank and federal prosecutors in January.

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YEREVAN, October 12, /ARKA/. The Central Bank of Armenia has introduced some changes to its regulations for setting the order for transfer, delivery, import, export and declaration of foreign exchange values. In a press release the Central Bank said the decision was made Tuesday by its Council chaired by a deputy governor Vache Gabrielian. The […]

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