In the first conviction of a non-Swiss financial institution for tax evasion conspiracy, two affiliated Cayman Island financial institutions, Cayman National Securities Ltd. (“CNS”) and Cayman National Trust Co. Ltd. (“CNT”), pled guilty on March 9 to conspiring with many of their U.S. taxpayer-clients to hide more than $130 million in offshore accounts from the IRS and evade related U.S. income taxes.  The offense conduct continued from 2001 to 2011, and, according to the information and the guilty pleas, CNS and CNT continued to knowingly maintain undeclared accounts for U.S. citizens even after learning about DOJ’s 2008 investigation of UBS.  CNS and CNT did not begin engaging in remedial efforts until 2011.  In connection with their guilty pleas, the two financial institutions have agreed to pay the United States a total of $6 million.  United States v. Cayman Nat’l Secs. Ltd., 16-cr-195 (S.D.N.Y.).  DOJ Press Release