Swiss asset management firm Mirelis Holding has reached a resolution with the US Department of Justice’s Tax division by entering into a non-prosecution agreement.

Under the agreement, Mirelis Holding (earlier known as Mirelis InvestTrust) will cooperate in all criminal and civil proceedings with the US authorities.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Additionally, the firm will work to prevent misconduct associated with US undeclared accounts and pay $10.245m to the US as a term of the agreement not to prosecute the company for tax-related criminal offenses.

Justice Department’s Tax Division principal deputy assistant attorney general Richard Zuckerman said: “The agreement reached today demonstrates the Department’s resolve toward ending the practice of using Swiss bank accounts to evade one’s taxes.

“The Department will continue to pursue culpable banks and asset management and investment advisory firms that assist US clients in their concealment of assets and the evasion of their US tax obligations.”

Licensed by the Swiss Financial Market Supervisory Authority (FINMA), Mirelis offers portfolio and asset management services.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

After beginning its operations in the US, Mirelis was found facilitating the process of hiding US client’s undeclared accounts by closing accounts and transfer of account despite knowing the necessary obligations of the taxpayers.

The company initiated remedial measures in 2011 which included implementing a new cross-border policy and transferring its declared clients to its SEC-registered subsidiary Mirelis Advisors.