The development underscores U.S. due diligence on recovering tax dues by its citizens. Nowhere to run, nowhere to hide from U.S. tax authorities.

In a significant development, the U.S. Department of Justice (DOJ) stated, Zurich Insurance will pay a penalty of $5.1 million to the United States in a case that involves U.S. customers using insurance policies and offshore accounts to evade U.S. taxes.

“From Jan. 1, 2008, through June 30, 2014, Zurich issued or had certain insurance policies and accounts of U.S. taxpayer customers, who used their policies to evade U.S. taxes and reporting requirements,” said the DOJ in a statement. “Zurich had approximately 420 U.S. related policies…with an aggregate maximum value of approximately $102 million, for which the U.S. taxpayer customers did not provide evidence that they had declared their policies to U.S. tax authorities”.

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Tags: customers, Department of Justice, DoJ, evade U.S. taxes, insurance policies, offshore accounts, tax authorities, tax evasion, U.S, U.S. customers, U.S. taxpayers, United States, Zurich Insurance