Monday, September 5, 2011

Tax evaders in US beware | Tax evaders in US - Swiss Bank


US gives Swiss bank two days to release data on tax evaders 

US authorities have given Switzerland until Tuesday to transmit data from tax evaders in the United States who have stashed assets away in Swiss banks,the Sonntags-Zeitung reported on Sunday.

The US has asked for detailed information on American nationals who have hidden their money in Switzerland,the paper said,basing its report on a three-page letter from the US deputy attorney general James Cole,dated August 31,addressed to the Swiss authorities.

The letter concerned Switzerlands second biggest bank,Credit Suisse,as well as around another 10 banks,notably Julius Baer,Wegelin,and the cantonal banks of Zurich and Basel,the Sunday paper said.US authorities want all the data concerning private customers and US foundations which have deposited at least $50,000 in Switzerland between the period of 2002 and July 2010.

This latest request is not the first by US officials.Switzerlands biggest bank UBS was forced to disclose the names of 4,450 US clients for whom it had offered to conceal funds from the eyes of the US tax inspectors.The bank paid a fine of $780 million to avoid losing its banking licence in the US.According to an anonymous banker quoted by SonntagsZeitung,Swiss banks risk a fine of around $2.5 billion to settle this latest tax evasion affair.AFP

Source: Times of india