Swiss banks urge U.S. tax dodgers to come clean to beat deadline - POLITICO.com
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. The Justice
Department is currently probing 14 major Swiss financial institutions —
including Credit Suisse, Julius Baer and the Swiss arm of HSBC — for
shielding U.S. tax cheats.
The government gave a larger set of Swiss banks until Dec. 31 to sign
up for non-prosecution deals, after paying a penalty of up to 50
percent of the secret assets.
POLITICO has seen three letters from Swiss banks to U.S. clients, two that were
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