Swiss bank closes after U.S. tax evasion fine

A Swiss flag flies under dark clouds. Switzerland's oldest bank, Wegelin and Company, will close down after pleading guilty to helping wealthy Americans evade taxes.

The oldest bank in Switzerland is closing its doors for good. Wegelin and Company, which has been in business for more than 250 years, made the announcement after pleading guilty to helping wealthy Americans dodge taxes through the use of secret overseas accounts.

According to the BBC's Imogen Foulkes in Berne, Switzerland, 13 other Swiss Banks are being investigated by American authorities on similar charges. Wegelin and Company has said in their testimony that the bank's practices are no different from those of other Swiss banks.

About the author

Imogen Foulkes is a reporter with the BBC.

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