New Tax Evasion Probe Into UBS Bank, Wealthy American Off-shore Tax Shelters | Reuters/WSJ

[Fred Sanders]

Because you will hear little of this massive potential fraud on hardworkingAmericantaxpayers in the corporate American mass deflecting media. The same banks and the same Rich are at it again, just like they did a few years ago:

http://www.reuters.com/article/2015/02/04/ubs-ag-usa-tax-idUSL1N0VE31W20150204


Feb 4 (Reuters) - U.S. federal prosecutors have launched a new probe into whether Swiss bank UBS AG helped Americans evade taxes through investments banned in the United States, the Wall Street Journal reported, citing people familiar with the investigation.

UBS, which paid $780 million in 2009 to settle a separate Justice Department tax-evasion probe, is now under investigation for allegedly helping wealthy clients hide assets through so-called bearer securities, the paper said.

Bearer securities, which can be transferred without needing to register ownership, is largely restricted in the United States because they can be used for evading taxes and money laundering. Bearer bonds were often used by U.S. companies to issue debt in foreign countries.

[Octafish]

1. Let's tax offshore wealth, just for the sake of, oh, civilization.

Tax Offshore Wealth Sitting In First World Banks

James S. Henry
Forbes Magazine, July 1, 2010

Let's tax offshore private wealth.

How can we get the world's wealthiest scoundrels--arms dealers, dictators, drug barons, tax evaders--to help us pay for the soaring costs of deficits, disaster relief, climate change and development? Simple: Levy a modest withholding tax on untaxed private offshore loot.

Many aboveground economies around the world are struggling, but the economic underground is booming. By my estimate, there is $15 trillion to $20 trillion in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed.

SNIP...

This wealth is concentrated. Nearly half of it is owned by 91,000 people--0.001% of the world's population. Ninety-five percent is owned by the planet's wealthiest 10 million people.

SNIP...

Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks. As of September 2009 these banks accounted for $10.8 trillion of offshore assets--72% of the industry's total. The busiest 10 of them manage 40%.

CONTINUED....

http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html