Liechtenstein Bank Agrees to Pay $23.8 Million in Pact on Hidden Assets

A Liechtenstein bank agreed to pay $23.8 million after charges surfaced that it helped U.S. taxpayers hide assets in foreign bank accounts from the IRS. In paying the fee, Liechtensteinische Landes Bank AG will not face a criminal investigation for its actions.

In response to the DOJ's request, the bank transferred more than 200 files of U.S. taxpayers with undeclared accounts. Taxation Partner Kevin Packman said more accounts could possibly be investigated because the bank agreed to turn over information about other trusts and foundations.

"I would anticipate you will see a lot more than 200 names," said Mr. Packman.