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Cayman Islands Entities Plead Guilty for Assisting U.S. Taxpayers
Two subsidiaries of Cayman National Corporation, Cayman National Securities Ltd. (CNS) and Cayman National Trust Co. Ltd. (CNT), both located in Grand Cayman, pled guilty to conspiring to hide more than $130 million in offshore accounts from the U.S. Internal Revenue Service. From these untaxed funds, CNS and CNT were able to earn over $3.4 million in gross revenues. The companies must pay a total of $6 million in penalties, a combination of forfeiture of proceeds and restitution for unpaid taxes. However, no monitoring or probation was mandated as part of the agreements, nor is there a requirement to close any line of business.
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