bank secrecy

6 Stories

Swiss Arrest WikiLeaks Banker

Whistleblower Rudolf Elmer accused of breaking secrecy laws

(Newser) - From one legal mess to another: The Swiss last night arrested an ex-banker who appears to have broken the country's strict banking secrecy laws in spectacular fashion. Rudolf Elmer—who handed Julian Assange details on 2,000 holders of offshore accounts this week—is being detained while authorities investigate the... More »

Tax-Evader Crackdown Spreads to Hong Kong

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based... More »

Tax Cheats Flood IRS, Looking to Come Clean

Inquiry into Swiss banks leads hundreds of evaders to come clean

(Newser) - A crackdown on tax evasion has led to a flood of wealthy Americans lining up to reveal their offshore accounts to the IRS, reports the Wall Street Journal. A limited-time offer of lower fines, coupled with the ongoing probe of Swiss bank accounts held by UBS, has produced a stampede... More »

Expert on Vanishing Acts Sees Rising Demand

(Newser) - Frank Ahearn just may be the world's top expert on vanishing without a trace—either finding people who have done so or helping others pull off the trick. In a profile of him and his craft, the Times of London notes that the California man has gotten so many inquiries... More »

UBS Closes 19,000 US Accounts in IRS Probe

Swiss banking secrecy collapses as investors face tax evasion charges

(Newser) - Under pressure from the IRS, Swiss banking giant UBS is closing the offshore accounts of about 19,000 Americans suspected of evading taxes. UBS will transfer the clients' assets to other banks, other divisions of UBS, or the account holders themselves—creating a paper trail that the feds can examine.... More »

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

(Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared... More »

6 Stories