A Swiss Bank Is Set to Open Its Secret Files (illegal, suspect)

[Miborn]

I wonder who will be on that list!



A Swiss Bank Is Set to Open Its Secret Files

In the hush-hush world of Swiss banking, the unthinkable is happening: secrets are spilling into the open.

UBS, the largest bank in Switzerland, agreed on Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes.
The bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.

It is unclear how many of its clients’ names UBS will divulge. Federal prosecutors have been examining about 19,000 accounts at the bank, but UBS ultimately may disclose the identities of only a few hundred customers.

Prosecutors suspect that from late 2002 to 2007, UBS helped American clients illegally hide $20 billion, letting them evade $300 million a year in taxes.

http://www.nytimes.com/2009/02/19/bu...HeL7A+6/9Al2wA

[mental_complex]

Swiss banks should pay the U.S. 800 BILLION DOLLARS.. It would offset the Stimulus package.

[Jaggy001]

This will involve relatively few UBS clients. I had an account at UBS from when I worked in Switzerland. Each year, in compliance with the law, I declared the account and declared any interest I got and any Swiss tax paid.

Switzerland has not been an offshore haven for some time and Swiss banking secrecy is no longer what it was. Places like the Channel islands, Isle of Man, Cayman Isles, Luxembourg, Gibralter, etc. etc. are much more likely than Switzerland to have billions of illicit dollars sloshing around.

[golfgod]

Well jaggy, I'm not sure about the "only a few UBS clients" part of your post. UBS had been ACTIVELY COURTING these HIGH DOLLAR customers with the PROMISE of helping them shelter (US) taxable dollars from Uncle Sam. Then after reaching an agreement with the US Treasury Dept. UBS reneged on the deal. The last I heard one of UBS's officers (who had been running this operation and "supposedly" cooperating with the Treasury had "gone missing" in advance of his indictment.

I really hope that Phil and Wendy Graham's names are on the list. Those are two that I'd like to see slapped in irons.

golfgod