Swiss Bank Accounts to be cracked down by UBS

May 28, 2008

As per media reports, UBS which is the world’s leading wealth manager has made a press release stating that it will no longer help high networth individuals base in the US to put their money in swiss bank accounts which are beyond the reach of US regulators. This announcement by UBS assumes significance in the midst of reports that the committe investigating the effect of offshore transacation on the US economy. It has been estimated that the US treasury had lost about $100bn due to offshore tax abuses. Now that the Swiss bank account route is likely to be plugged for tax evaders to exploit, what new modus operandi will the tax invaders now resort to?

Posted in Banking Frauds, US Banks