Butterfield Bank admits helping US clients evade taxes

NEW YORK: The Bank of N.T. Butterfield & Son, based in Bermuda, has agreed to pay US$5.6mil (RM23.7mil) to resolve a criminal probe by US authorities after admitting it helped hundreds of American clients evade taxes for more than a decade.

Butterfield helped clients hide assets from the Internal Revenue Service (IRS), letting them use sham entities to funnel money between US and Cayman Islands accounts, Manhattan US Attorney Audrey Strauss said in a statement.