European banks identified in U.S. tax probe: report

[Heidi]

Source: Reuters

Wed Aug 19, 2009 4:37am EDT

(Reuters) - Wealthy U.S. citizens using a government tax-evasion amnesty program have identified almost 10 European banks where they have accounts, the Wall Street Journal said, citing people familiar with the situation.

The paper named Credit Suisse Group AG, Julius Baer Holding AG, Zuercher Kantonalbank and Union Bancaire Privee (UBP) in the report, though it said the disclosures did not signal any wrongdoing by the banks.

Credit Suisse and Julius Baer declined to comment on the report, while UBP and Zuercher Kantonalbank and the U.S. Internal Revenue Service could not be immediately reached for comment by Reuters.

Last week, the U.S. and Swiss government initialed an out-of-court settlement to end a dispute over whether UBS AG should be forced to disclose the names of 52,000 rich U.S. clients suspected of tax evasion.



Read more: http://www.reuters.com/article/newsOne/idUSTRE57I1DW20090819

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[Hubert Flottz]

1. Once again the billionaires get off scott free with their loot

while poor people rot in jail in America, for petty theft, or smoking weeds.

Edit...people who don't pay their taxes should be deported to those countries that shelter them.

[formercia]

2. Tax cheats are playing a shell game with the money,

trying to stay ahead of the law. It's only a matter of time before they are caught.

No pity.

[groundloop]

3. Darn that Obama

I had always figured that when I get filthy rich I could hide my money in a Swiss bank account and not pay taxes like all the other rich folk. Now my dream's been shattered - when I get filthy rich I might have to pay taxes just like all the common people.

[Heidi]

4. UPDATE | WSJ: UBS to Give 4,450 Names in Settlement

AUGUST 19, 2009, 9:46 A.M. ET

UBS AG will hand over some 4,450 names of U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce in total 10,000 account identities, according to people familiar with the situation.

Details of the settlement, which was reached earlier this month, are expected to be provided over the next half-hour. Swiss and Internal Revenue Service officials plan to provide those details, these people said.

UBS is not expected to pay a monetary fine as part of the settlement, which was negotiated between U.S. and Swiss officials in recent weeks. The U.S. inquiry was led by the Justice Department and IRS.

Aside from the account identities being turned over by UBS, some 5,000 names are expected to be produced through a special IRS amnesty program where UBS clients acknowledge unpaid income tax.

The 10,000 identities in total also are expected to include the some 250 names produced by UBS as part of a $780 million criminal settlement reached with the Justice Department in February.

Read more

[Turbineguy]

5. The IRS played this well

We'll know for sure when their program ends next month but it seems like thousands are coming forward to avoid the chance of prosecution.

[Name removed]

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