US charges Swiss bankers for aiding tax evasion

[SpartanDem]

Source: AFP

WASHINGTON — The US indicted four Credit Suisse bankers Wednesday on charges of helping US taxpayers hide money in secret Swiss accounts to avoid US taxes.

The four bankers and unnamed co-conspirators were accused of offering US customers the chance to open accounts in Switzerland at the understanding that the money would be hidden from US tax authorities.

It said that as of 2008, the bank hosted thousands of such accounts holding up to $3 billion in assets.

"The conspiracy dates back to 1953 and involved two generations of US tax evaders, including US customers who inherited secret accounts at the international bank," the justice department said in a statement.



Read more: http://www.google.com/hostednews/afp/article/ALeqM5hZkRYcMKnVYJBCXMH79TjPwBnLDw?docId=CNG.867dcb3d94702f9df32e0fdbe6185a98.10b1

[Angry Dragon]

1. Hey!! . I have a great idea ...... Let's see the names of ALL

these tax cheats.
How about the feds publish the names of the US tax cheats
And then go after the banks and people that tried to destroy
the financial system back in 2008

[KansDem]

3. This was suppose to happen back in February, 2009.

UBS: American Investors' Identities To Be Revealed

The curtain is being peeled back on the infamous secrecy of Swiss banks.

The largest bank in Switzerland, UBS, agreed Wednesday to reveal the names of wealthy Americans whom the authorities suspect of using offshore accounts to evade taxes.

The change in policy is the result of UBS' admitted role in conspiring to defraud the Internal Revenue Service. As part of the agreement, the bank will pay $780 million in damages, and also close all offshore accounts of its American clients.

It is not clear how many names will be divulged, but the Feds have been looking into roughly 19,000 accounts, according to the New York Times.

The deal could mark the end of Swiss banking as we know it, as many offshore clients may no longer trust the anonymity of the country's banking system.

--more--
http://www.huffingtonpost.com/2009/02/19/ubs-american-investors-id_n_168135.html

What happened with this? Anyone know?

[BOHICA12]

5. Sorry, too many appointees to let that happen!

[KansDem]

2. Don't stop there! Go after the evaders themselves!

UBS was eventually forced to pay a 780-million-dollar fine and some 4,000 case files on American clients.

4,000? Why not all 52,000 that UBS has?

52,000 Had Secret UBS Accounts
William P. Barrett and Janet Novack, 02.19.09, 03:35 PM EST
U.S. says Swiss government is no help.

U.S. authorities said Thursday that the Swiss government has provided "no records" on as many as 52,000 tax law violating U.S. citizens who had secret Swiss accounts at banking giant UBS.

Just a day after UBS (nyse: UBS - news - people ) agreed to pay $780 million to avoid prosecution in the U.S. on tax charges, the U.S. Department of Justice filed suit in a Florida federal court seeking enforcement of a 2008 Internal Revenue Service "John Doe" summons for the names of all Americans with "undisclosed" accounts at UBS.

--more--
http://www.forbes.com/2009/02/19/ubs-fraud-offshore-personal_finance-taxes_ubs.html

Hey, Congress! Y'think if you collected taxes from all of these 52,000 Americans, we wouldn't have to cut some social programs? Y'think?

[Amonester]

4. Uh... 'congre$$' 'work$' for "them"

Where have you been?

(In all due respect.)

[defendandprotect]

6. kr

[MattSh]

7. Hey Switzerland!

Tax haven is the USA's racket. The USA is the world's largest offshore tax haven, helping non-Americans shelter 2.18 trillion dollars. It's OK when we do it, though.

But don't you dare help Americans avoid paying their taxes, though. That's just plain wrong and we'll come after you.

After all, do what we say, not what we do.

. . . . . . . . . .



The report examined private offshore deposits coming into 73 nations regarded as secrecy jurisdictions by the Tax Justice Network (TJN). It was found that the US topped the list with USD 2.18 trillion of deposits, followed by the Cayman Islands at USD 1.55 trillion, and the UK at USD 1.53. The top 10 most list of deposit takers also included Luxembourg, Germany, Jersey, Netherlands, Ireland, Switzerland and Hong Kong, with a combined total of USD 2.38 trillion.


Read more: http://www.taxationinfonews.com/2010/03/us-and-uk-are-biggest-offshore-deposit-locations/#ixzz1ErMJLW2f