Mirabaud Group, an international banking and financial group based in Geneva, Switzerland, is in the crosshairs of a U.S. senator regarding what has been declared as the “largest tax evasion case committed in the history of the United States”.
Yves Mirabaud, chairman of the group, was questioned by Ron Wyden, chairman of the US Senate Finance Committee, in a letter regarding his duty to inform U.S. authorities under Fatca (Foreign Account Tax Compliance Act). By signing this agreement, Switzerland obligates financial institutions to transmit information to the American tax authorities about accounts held abroad by American citizens.
The senator is referring to the indictment of Texas businessman Robert Brockman, who is facing 39 charges, including tax evasion, not disclosing foreign bank accounts, and money laundering.
The letter claims he hid some $2 billion in income from Internal Revenue Service (IRS) over two decades by using an offshore network of companies, including one in Bermuda. It would have prevented him from paying “several hundred million dollars” in taxes.
The Swiss judiciary froze 950 million dollars deposited in accounts linked to Robert Brockman in October 2020, reported Le Temps.
According to the American politician, his “deep concern” at the scale of this case led to him calling it “the largest case of tax evasion committed by one individual in American history.”
No charges against Mirabaud
Mirabaud was mentioned repeatedly in the indictment filed in the U.S. District Court for the Northern District of California. Yet, no accusations were made against the bank by the judges.
According to the senator, Mirabaud has not informed the IRS about Brockman’s bank accounts, nor has it complied with the Fatca law. Responses are expected by October 1.
In a statement, the institution stated that Robert Brockman misled them regarding his real involvement in various accounts with the bank, none of which were opened in his name.
The Geneva bank has “fully cooperated with the requests for mutual assistance made by the American authorities following the procedures for judicial assistance and information exchange in this case”. It has also “implemented all procedures necessary to comply with the Fatca requirements”