Swiss Bank Secrecy cracked - this should be good

[dbackjon]

UBS to pay $780 million, open secret Swiss bank records

Cracking Switzerland's historic reputation for banking secrecy, UBS agreed Wednesday to a $780 million settlement of federal charges it helped about 19,000 wealthy American clients evade U.S. taxes and said it would disclose the identities of some of those customers.
UBS (UBS), Switzerland's largest bank, also agreed to stop providing banking services to U.S. clients with undeclared accounts. The bank also admitted to conspiracy to defraud the IRS and agreed to report to U.S. authorities for at least 18 months on its compliance actions.

The bank could have faced even higher penalties, but investigators agreed to some leniency "in recognition of the current international financial crisis," the deferred prosecution deal filed Wednesday said.

The agreement ends a 2000-08 scheme in which UBS bankers using encrypted laptop computers and counter-spy tactics traveled to and from the U.S. and helped Americans secretly hide income.

Many of those clients are suspected of filing false federal tax returns that omitted income held in the Swiss bank. That income represents part of what a 2008 Senate hearing identified as a nearly $100 billion illegal offshore banking industry.

http://www.usatoday.com/money/industrie ... rges_N.htm

[danefan]

Don't worry - most of the money in swiss banks has been moved to Luxembourgh trusts now.

[Col Hogan]

Are there direct flights from Switzerland to the Caymen Islands?????

[dbackjon]

Yes, but if the lists are given, those 19,000 + US citizens are in deep doodoo, regardless of where the money is.


These secret banking areas/off-shore banks need to be taken OUT. Billions of tax dollars are lost yearly - probably enough in the past 10 years to finance most of the stimulus package.

All of these loopholes need to be SHUT.

[Grizalltheway]

I knew I shouldn't have started that account while I was over there. Azzholes told me it was fool proof damn it!

[grizzaholic]

Well if they release the names of people that have these accounts it should make for some good drama on the nightly news.




I can smell Hollywood already heating up their cameras and lights to make a movie about it.

[dbackjon]

Better yet if some of these big names get arrested...

[grizzaholic]

Better yet if some of these big names get arrested...

That is what I am hoping for. All these big wig investment bankers, CEO's, Stock people, Union people, anybody that gets bonus' of a million or more. I cannot wait. Hurry up and announce the list.

[travelinman67]

...I can smell Hollywood already heating up their cameras and lights to make a movie about it.

An autobiographical screenplay, huh...

[HI54UNI]

Better yet if some of these big names get arrested...

That is what I am hoping for. All these big wig investment bankers, CEO's, Stock people, Union people, anybody that gets bonus' of a million or more. I cannot wait. Hurry up and announce the list.

I'm with ya too. And add politicians to your list.