The largest bank in Switzerland (USB) annouced on Wednesday that they would release the names of Americans who are believed to be keeping money in their bank in order to avoid paying American taxes. According to the article, "The bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities." A few hundred customers names are expected to be released out of the 19,000 accounts that have been investigated.
The bank has said they will be closing their American client's accounts but advised them to get rid of their records and hide valuables that were bought with the money in their USB accounts.
"Prosecutors suspect that from late 2002 to 2007, UBS helped American clients illegally hide $20 billion, letting them evade $300 million a year in taxes."
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment