Deutsche Bank agreed to pay $553.6 million and admit criminal wrongdoing in a probe of tax shelters that prosecutors claim resulting in billions of dollars of lost tax revenue.
Under a nonprosecution agreement with the U.S. Attorney’s Office in Manhattan and the Internal Revenue Service, the German bank is also required to continue cooperating with the long-running probe and to appoint an independent expert who will review the implementation and effectiveness of compliance measures designed to ensure that it doesn’t participate in future transactions that may be used to defraud the IRS.
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