Cayman financial firms plead guilty to $130 million tax conspiracy

In the first conviction of a non-Swiss financial institution for US tax evasion conspiracy, two Cayman Islands financial institutions pleaded guilty in Manhattan Federal Court on Wednesday to conspiring to hide more than $130 million in Cayman Islands bank accounts.

The Cayman Islands companies admitted to helping US taxpayer-clients hide assets in offshore accounts, and agreed to produce account files of non-compliant US taxpayers.

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