Swiss Banks May Pay Billions, Disclose Names

Discussion in 'News and Current Events' started by The Wrong Guy, Oct 24, 2011.

  1. The Wrong Guy Member

    From Twitter:

    LulzInvasion Anti.Security
    Swiss Banks set to reveal the names of thousands of American tax evaders. How many will be members of congress?
    20 minutes ago

    Swiss Banks May Pay Billions, Disclose Names

    Swiss banks will probably settle a sweeping U.S. probe of offshore tax evasion by paying billions of dollars and handing over names of thousands of Americans who have secret accounts, according to two people familiar with the matter.

    U.S. and Swiss officials are concluding negotiations on a civil settlement amid U.S. criminal probes of 11 financial institutions, including Credit Suisse Group AG (CSGN), suspected of helping American clients hide money from the Internal Revenue Service, according to five people with knowledge of the talks who declined to speak publicly because they are confidential.

    Switzerland, the biggest haven for offshore wealth, wants an end to new U.S. probes while preserving its decades-old tradition of bank secrecy, the people said. The U.S. seeks data on Americans who have dodged U.S. taxes and a pledge by Swiss banks to stop helping such clients, according to the people. The Swiss reached accords this year with Germany and the U.K. on untaxed assets.

    “The Swiss would like to get out of this by paying money, and they’ve done that with other countries,” said tax attorney H. David Rosenbloom of Caplin & Drysdale Chartered in Washington, who isn’t involved in the talks. “For the U.S., it’s not primarily a money question. It’s a matter of making sure the laws apply fairly among taxpayers.”


    “The DOJ and IRS are casting a wide net as they try to identify Americans guilty of offshore tax evasion,” said Aaron D. Schumacher, a Geneva-based wealth planning attorney, with Withers LLP.

    “They obtained a lot of information about various Swiss banks from the participants in the voluntary disclosure programs and that has likely enabled the recent indictments we’ve seen,” he said. “More people than we saw previously have come to us looking to renounce their citizenship.”

    Attorney Robert Katzberg, who represents clients in criminal tax cases, said U.S. taxpayers with Swiss accounts don’t understand that the IRS and Justice Department will get a trove of new data on secret accounts.

    “There are thousands of Americans, who are the functional equivalent of residents of New Orleans on the eve of Hurricane Katrina, who have no idea that Katrina is about to happen,” said Katzberg, of Kaplan & Katzberg in New York.

    More here:
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  2. LocalSP Member

    Not only do I like this but I looooooove it. I just hope it come to fruition.
  3. Anonymous Member

    oh please let the midget's name be on it
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  4. Anonymous Member

  5. Anonymous Member

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  6. The Wrong Guy Member

    Kinda related:

    Occupy Riviera: Thousands rally against G20 politics of profit

    Political uncertainty in crisis hit Greece is dominating the G20 meeting in France. There were reports the Prime Minister Papendreou was about to resign, but now it looks like he could even end up as head of a national unity government, and scrap plans for a referendum on an EU bailout. Which would please the global leaders hoping to prevent Greece collapsing in debt and taking the Eurozone with it. Away from the actual summit, anti-G20 marches have been held across the French Riviera.
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  7. Anonymous Member

  8. Anonymous Member

    it's coming unravelled
  9. The Wrong Guy Member

    Credit Suisse asked to hand over U.S. client data | Reuters

    Credit Suisse said it has been asked to give account information to the Swiss Federal Tax Administration after U.S. authorities requested Switzerland's help in catching suspected tax dodgers.

    Earlier on Tuesday, Reuters reported Credit Suisse had begun notifying certain U.S. clients suspected of offshore tax evasion it intended to give their names to the SFTA following a request from the U.S. Internal Revenue Service.

    Credit Suisse and the State Secretariat for International Financial Matters (SIF) declined to say how many clients the request involved.

    U.S. authorities, which suspect tens of thousands of Americans of evading billions of dollars in taxes through Swiss private banks in recent years, have been conducting a widening criminal investigation into scores of Swiss banks, including Credit Suisse.

    Mario Tuor, a spokesman for the SIF, confirmed the request from the U.S. authorities, and said these requests specifically concerned tax fraud, which is covered by the 1996 double taxation treaty between Switzerland and the United States.

    Switzerland and the United States are currently working on a tax agreement that would also cover tax evasion, but this has not yet been ratified.

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  10. Anonymous Member

    The fact that Credit Suisse is warning the perps suspects ahead of the inevitable pre-dawn raids kinda waters down the sheer win.

    Looks like Interpol are going to be busy in the coming years.
  11. The Wrong Guy Member

    U.S. offers 11 Swiss banks deal to end tax row

    U.S. officials are offering 11 Swiss banks, among them Credit Suisse (CSGN.VX), a deal that allows them to avoid criminal prosecution in exchange for revealing full details of their U.S. offshore business to Washington, a paper reported on Sunday.


    As part of an agreement the names of the U.S. clients would be blacked out and the banks would also be fined, the paper said, adding that the banks had until Tuesday to agree to the terms in writing.

    According to the paper, the information the banks would have to hand over included:

    - Correspondence between a bank and its U.S. clients, including notes from telephone conversations and meetings.

    - Internal notes about U.S. client business from the relevant business units and management

    - Correspondence between banks and third parties, such as independent wealth managers concerning U.S. clients

    - All documents about the U.S. business model and about U.S. funds that were transferred to third parties.

    The paper said the 11 institutions would have to reveal the names of the bankers who conducted the offshore business, though criminal cases against individuals would not be taken up.

    Credit Suisse, Basler Kantonalbank and HSBC Switzerland would have to deliver material by December 31, the paper said.

    More at
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  12. The Wrong Guy Member

    U.S. Justice Department indicts Swiss bank Wegelin

    The United States indicted Wegelin, the oldest Swiss private bank, on charges that it enabled wealthy Americans to evade taxes on at least $1.2 billion hidden in offshore bank accounts, the U.S. Justice Department said on Thursday.

    The announcement, by federal prosecutors in Manhattan, represents the first time an overseas bank has been indicted by the United States for enabling tax fraud by U.S. taxpayers.

    The indictment said the U.S. government had seized more than $16 million from Wegelin's correspondent bank, the Swiss giant UBS AG, in Stamford, Connecticut, via a separate civil forfeiture complaint. Because Wegelin has no branches outside Switzerland, it used correspondent banking services, a standard industry practice, to handle money for U.S.-based clients.

  13. Anonymous Member

    LOL, USA shakes down the Swiss!
  14. The Wrong Guy Member

    Credit Suisse pleads guilty to U.S. criminal charge in tax probe | Reuters

    May 19, 2014

    Swiss bank Credit Suisse on Monday pleaded guilty to a criminal charge for its role in helping Americans dodge taxes, U.S. Attorney General Eric Holder said, and will pay more than $2.5 billion as part of an agreement with U.S. authorities.

    Separately, the New York Department of Financial Services said it had determined not to revoke the bank's license in the state.

    U.S. prosecutors criminally charged Credit Suisse and two of its units, saying the bank helped clients deceive U.S. tax authorities by concealing assets in illegal, undeclared bank accounts, in a conspiracy that spanned decades.

    Credit Suisse will pay financial penalties to the U.S. Department of Justice, the Internal Revenue Service, the Federal Reserve and the New York State Department of Financial Services to settle the charges. It had already paid $200 million to the Securities and Exchange Commission.

    Continued at
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  15. DeathHamster Member

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  16. Ann O'Nymous Member

    Not defending the Swiss banks or their clients, but here are a few facts:
    • Many countries had (and most still have) tax evasion tools (e.g blind trusts used in the UK).
    • AFAIK, the USA are taxing their residents, but also their citizens abroad, unlike most of other countries. It seems that quite a lot of rich expats are renouncing their US citizenship.
    • Banks had the time to move their richest clients' money in other heavens, while keeping the management of the accounts.
    • Banks are providing their employees' names to US authorities, even secretaries who wrote a mail to a client, Probably, they expect them to take part of the blame.
    TL;DR IMHO, fighting tax evasion is less of a nationality issue than a social class one. As long as the richest people and corporations find people helping them avoiding taxes, the problem will be moved, not solved.
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