Swiss asset management firm Mirelis Holding has reached a resolution with the US Department of Justice’s Tax division by entering into a non-prosecution agreement.

Under the agreement, Mirelis Holding (earlier known as Mirelis InvestTrust) will cooperate in all criminal and civil proceedings with the US authorities.

Additionally, the firm will work to prevent misconduct associated with US undeclared accounts and pay $10.245m to the US as a term of the agreement not to prosecute the company for tax-related criminal offenses.

Justice Department’s Tax Division principal deputy assistant attorney general Richard Zuckerman said: “The agreement reached today demonstrates the Department’s resolve toward ending the practice of using Swiss bank accounts to evade one’s taxes.

“The Department will continue to pursue culpable banks and asset management and investment advisory firms that assist US clients in their concealment of assets and the evasion of their US tax obligations.”

Licensed by the Swiss Financial Market Supervisory Authority (FINMA), Mirelis offers portfolio and asset management services.

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After beginning its operations in the US, Mirelis was found facilitating the process of hiding US client’s undeclared accounts by closing accounts and transfer of account despite knowing the necessary obligations of the taxpayers.

The company initiated remedial measures in 2011 which included implementing a new cross-border policy and transferring its declared clients to its SEC-registered subsidiary Mirelis Advisors.