Good Bye Swiss Bank Account Tax Havens?
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The United Bank of Switzerland is a giant banking institution which employs 67,424 people worldwide, 38.5% in Switzerland, 38.9% in the Americas, 16% in Europe and 6.6% in Asia. Since I was a youngster, and that has been a while, I have heard of "secret Switzerland bank accounts". Criminals who stole or robbed many millions of dollars have used the system to hide their ill gotten gains. But even more so, many wealthy people have deposited much of their wealth there to avoid taxes in their home country. This may be ending soon.
It is easily understood that the UBS has become a world wide financial institution because of this. Heretofore, they have adamantly refused access to their records by foreign governments. Under pressure from the U.S. authorities, they have agreed to pay a $780 million fine, but still refuse to disclose some 50,000 names of depositors. However, there have been some problems and here is a brief quote from Wikipedia which explains the situation somewhat:
In 2007, after incurring huge losses, UBS was forced to turn to the Government of Singapore for fresh funding. Since then, the largest shareholder of UBS is Government of Singapore Investment Corporation. In November 2008, following further dramatic losses, UBS managers pledged to return bonuses. UBS shareholders voted to accept financial aid from the Swiss government, to restore the shaken trust in UBS.
It has been under severe pressure from a number of foreign governments and especially the Organisation for Economic Co-operation and Development (OECD) and is facing the threat of being blackballed by that organization. They have reluctantly agreed to adopt the OECD standards which state that all countries should work together on cases of suspected tax evasion. If they do that, it is likely that the safe tax havens will be ended. Here is a statement from one source which gives the present standing of this situation:
UBS, the largest bank in Switzerland, agreed on Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. 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.
It is unclear how many of its clients' names UBS will divulge. Federal prosecutors have been examining about 19,000 accounts at the bank, but UBS ultimately may disclose the identities of only a few hundred customers. (A Swiss Bank Now Ready To Open It's Secret Files-- nowpublic.com)
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Article submitted Friday, March 13, 2009 & read 459 times.
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» left by Linda DeWitt (2 years 330 days ago.)
It will be interesting to see what happens. Linda D» left by Joel Hendon (2 years 330 days ago.)
Yes, it will indeed. Thanks for reading and commenting.
» left by Gary W. Halsey Sr. (2 years 329 days ago.)
Joel, AMEN!!!! I am in great hopes that this will happen. If we live up to the responsibility of paying our taxes for living as a citizen in the country, well so should those tax evaders....I have also heard about The United Bank of Switzerland, and consider their fine to be somewhat light for the fradulent activities that they have agree to take on with their Schemeing clients. They are nothing but criminals themselves, and I for one hope to God that this will cease, and say "It's about time"!! Great article Joel, and thanks for the "Good News", and keeping us informed....that is why I love SearchWarp...be sure and read, Roberts latest, he has a good one out there too!!! Your are both informative and good writers...I will also call you keep us informed my friend.....I loved the article, and your work as well.....Your fan, and friend in pen......Gary» left by Joel Hendon (2 years 328 days ago.)
Thanks for the comments Gary, I believe the Swiss are now going to do away with the "hidden" accounts after they have gotten away with them for 300 years!
» left by straight talk (2 years 328 days ago.)
Joel, good article. Now it touches on what I have been saying, someone has to pay the bills. If they'll chase the dead them why not the living? You know those trusts, and asset protection that many retired have. Look if you have "assets" they want them. In fact if you listen very carefully to those who make the bling bailouts and our own President they have said as soon as we get past the crisis guess what? Yes, ignore it, doubt it, don;t believe it, but and that but means the have not cannot so who can? So save, hide and bury but they will get to it. beets wishes my friend. No not negative just reality.» left by Joel hendon (2 years 328 days ago.)
Hi Robert,I know what you are saying. I believe this administration wants all everybody has. And all that generations to come will have. But, I do believe those who have secret accounts to avoid their share of taxes, should pay them just as I have to. Thanks for your comments.