View Full Version : UBS used ‘cloak of secrecy’ on US tax

07-17-2008, 08:58 AM
By Stephanie Kirchgaessner in Washington and Joanna Chung in New York
Published: July 17 2008 03:04 | Last updated: July 17 2008 03:04
US Congressional investigators will on Thursday accuse UBS (http://markets.ft.com/tearsheets/performance.asp?s=ch:UBSN) and Liechtenstein’s LGT Group of using the “cloak of bank secrecy laws” to help American clients evade billions of dollars in taxes.
A 100-page report to be released by the Senate permanent subcommittee on investigations details allegations about how the banks “colluded” with US clients to help them shield taxable income from regulators even though they knew their clients were seeking to hide from the Internal Revenue Service.

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07-17-2008, 08:59 AM
Greed, But the IRS decides its far easier to go after Tax Protesters as they cannot afford representation. Nice.

07-17-2008, 11:21 AM

07-17-2008, 12:52 PM
Each country has it's own banking laws. The U.S. has decided that they want to know everyone's business, and if all they have to do is send a letter accusing someone of drug dealing and the bank is expected to hand over all that persons assets.......whatever happened to proof......

07-17-2008, 01:43 PM
Don't get me wrong Chuck I am with you when it comes to private individuals as I am against the income tax. Corporations are a different matter though. My point is you would think the IRS would be on it but they are not as its the little guy that is so much easier to squeeze.