Tag Archives | UBS

Swiss Banks Urge U.S. Tax Dodgers To Come Clean To Beat Deadline

Giuseppe-Colarusso-24

Giuseppe Colarusso

Affluenza, purported higher IQs, and now a headstart for those who already stack the deck?

via Politico

Swiss banks are quietly warning wealthy U.S. clients with secret accounts to come clean with the tax man in the next two weeks — or risk jail time, according to several letters obtained by POLITICO.

The letters come ahead of a New Year’s Eve deadline the U.S. government set for about 300 Swiss banks to take deals protecting them from prosecution. In exchange for confessing and shelling out mountains of Americans’ account information, they’ll get immunity. It is a new twist to the traditional bank-client relationship.

“The banks have every incentive right now to shove their American clients into compliance in order to reduce the penalties,” said tax attorney Jeff Neiman, who prosecuted Swiss banking giant UBS for the U.S. government.

The effort is part of a U.S. crackdown on American tax evaders and the banks that help them, which ramped up when Swiss banking giant UBS admitted as much with a $780 million settlement in 2009.

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Banks brace for €1.7bn EU fines over Libor

a_drop_in_the_bucket

I don’t know about you, but this seems like a public ceremonial slap on the wrist for some people who should be thrown in prison.

via The Telegraph

Some of the world’s biggest banks are to be “fined a record €1.7bn” (£1.4bn) by European authorities to settle allegations of rigging benchmark borrowing rates used to set the price of trillions of dollars of financial products, according to reports.

The European Union competition authorities could announce the penalties as early as Wednesday, with up to 10 banks, including Royal Bank of Scotland, Deutsche Bank and Societe Generale, expected to settle cases, according to the Financial Times.

EU officials have been investigating claims that several large banks attempted to manipulate yen and euro-denominated Libor rates as part of an international probe.

Deutsche Bank and RBS are said to be facing fines for manipulating both rates, while other banks will settle claims related to just one of the rates.

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Switzerland To Turn Over Secret Bank Account Names

The Wall Street Journal reports that the Swiss government will be revealing to the U.S. government the names of all U.S. taxpayers holding Swiss bank accounts with balances greater than 1 million Swiss francs ($993,000).

The IRS is chomping at the bit: for decades, rich Americans have hidden money tax-free in secret Swiss bank accounts. Up to October 15, the IRS briefly offered a “Voluntary Disclosure” Program for all offshore account holders with undeclared income, giving people a chance to come clean and face reduced penalties. The program experienced a tsunami of applicants towards the final deadline, receiving about 14,700 confessions, far greater than expected.

Now the amnesty period is up.

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