On August 15, 2017, Prime Partners SA entered into a non-prosecution agreement with the U.S. Attorney’s Office for the Southern District of New York.  As part of that agreement, Prime Partners agreed to pay $5 million to the U.S.  Prime Partners admitted that it aided its clients in concealing their ownership of foreign bank accounts in order to avoid paying taxes—totaling about $680,000—to the U.S. government.  As part of this effort, Prime Partners created sham entities and counseled clients to use covert means of communication and payment to avoid detection.  The U.S. Attorney’s Office noted that the non-prosecution agreement was based, in part, on Prime Partners’s extraordinary cooperation, including voluntarily turning over approximately 175 client files, and its voluntary implementation of remedial measures.  As a result of the agreement, Prime Partners will not be criminally prosecuted.

DOJ Press Release