Cant Hackett Posted February 19, 2009 Share Posted February 19, 2009 Swiss banks no longer safe??? wtf? http://money.cnn.com/2009/02/18/news/companies/ubs/index.htm?postversion=2009021818 UBS admits helping tax evaders Swiss banking giant agrees to pay $780 million and hand over account information after helping U.S. clients evade the IRS. WASHINGTON (CNN) -- Switzerland's largest bank, UBS, has admitted helping U.S. taxpayers hide money from the IRS, and has agreed to pay $780 million in fines and restitution, and to turn over account information. The deferred prosecution agreement was approved Wednesday by a federal court judge in Fort Lauderdale, Fla. "UBS admitted to conspiring to defraud the United States by impeding the IRS," the Justice Department announced late Wednesday. The statement says that UBS, "in an unprecedented move" based on an order by Swiss authorities, has agreed "to immediately provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS's cross-border business." UBS (UBS) also has agreed to end its business practice of providing banking services to U.S. customers with undeclared accounts. "Swiss bankers routinely traveled to the United States to market Swiss bank secrecy to United States clients interested in attempting to evade U.S. income taxes," the Justice Department said. The government document says Swiss bankers made a total of about 3,800 trips to discuss their clients' accounts. The government said that because the bank has acknowledged responsibility for its actions, has cooperated fully, and has taken remedial actions, the United States will recommend dismissal of the criminal charge "provided the bank fully carries out its obligations under the agreement." Two former UBS bankers have pleaded guilty to charges of conspiracy for similar conduct. The acting head of the Justice Department Tax Division called Wednesday's agreement "but one milestone" in the effort to make sure U.S. citizens pay their fair share of taxes. "The veil of secrecy has been pulled aside, and we will continue to aggressively pursue those who shirk their federal tax obligations, or assist others in doing so," said John DiCicco, acting assistant attorney general for the Justice Department Tax Division. IRS Commissioner Doug Shulman issued a warning to the taxpayers who held the accounts, telling them to voluntarily pay up. Shulman said the taxpayers should note that Wednesday's agreement also stipulates that the U.S. government will continue to seek enforcement of its court action. "People who have hidden unreported income off shore need to get right with their government. They should come forward and take advantage of our voluntary disclosure process," Shulman said. Link to comment Share on other sites More sharing options...
afosomf Posted February 19, 2009 Share Posted February 19, 2009 Swiss banks no longer safe??? wtf? http://money.cnn.com/2009/02/18/news/companies/ubs/index.htm?postversion=2009021818 UBS admits helping tax evaders Swiss banking giant agrees to pay $780 million and hand over account information after helping U.S. clients evade the IRS. WASHINGTON (CNN) -- Switzerland's largest bank, UBS, has admitted helping U.S. taxpayers hide money from the IRS, and has agreed to pay $780 million in fines and restitution, and to turn over account information. The deferred prosecution agreement was approved Wednesday by a federal court judge in Fort Lauderdale, Fla. "UBS admitted to conspiring to defraud the United States by impeding the IRS," the Justice Department announced late Wednesday. The statement says that UBS, "in an unprecedented move" based on an order by Swiss authorities, has agreed "to immediately provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS's cross-border business." UBS (UBS) also has agreed to end its business practice of providing banking services to U.S. customers with undeclared accounts. "Swiss bankers routinely traveled to the United States to market Swiss bank secrecy to United States clients interested in attempting to evade U.S. income taxes," the Justice Department said. The government document says Swiss bankers made a total of about 3,800 trips to discuss their clients' accounts. The government said that because the bank has acknowledged responsibility for its actions, has cooperated fully, and has taken remedial actions, the United States will recommend dismissal of the criminal charge "provided the bank fully carries out its obligations under the agreement." Two former UBS bankers have pleaded guilty to charges of conspiracy for similar conduct. The acting head of the Justice Department Tax Division called Wednesday's agreement "but one milestone" in the effort to make sure U.S. citizens pay their fair share of taxes. "The veil of secrecy has been pulled aside, and we will continue to aggressively pursue those who shirk their federal tax obligations, or assist others in doing so," said John DiCicco, acting assistant attorney general for the Justice Department Tax Division. IRS Commissioner Doug Shulman issued a warning to the taxpayers who held the accounts, telling them to voluntarily pay up. Shulman said the taxpayers should note that Wednesday's agreement also stipulates that the U.S. government will continue to seek enforcement of its court action. "People who have hidden unreported income off shore need to get right with their government. They should come forward and take advantage of our voluntary disclosure process," Shulman said. oh phuck Link to comment Share on other sites More sharing options...
JerryK Posted February 19, 2009 Share Posted February 19, 2009 This is news? Nobody heard the words "swiss bank account" like, 40 years ago? This must be tied to Madhoff somehow. Link to comment Share on other sites More sharing options...
Pragmatic Bus Posted February 19, 2009 Share Posted February 19, 2009 so this is where the stimulus money will come from... genius! Link to comment Share on other sites More sharing options...
Thai Jet Posted February 19, 2009 Share Posted February 19, 2009 so this is where the stimulus money will come from... genius! LOL that's what I was thinking too. Every bit helps. Link to comment Share on other sites More sharing options...
rillo Posted February 19, 2009 Share Posted February 19, 2009 This is news? Nobody heard the words "swiss bank account" like, 40 years ago? This must be tied to Madhoff somehow. Seriously..... Link to comment Share on other sites More sharing options...
Lil Bit Special Posted February 19, 2009 Share Posted February 19, 2009 "People who have hidden unreported income off shore need to get right with their government. They should come forward and take advantage of our voluntary disclosure process," Shulman said. Find me first sh!tbags.... Guess its time to load up the trailer and head out for another state... Link to comment Share on other sites More sharing options...
Pragmatic Bus Posted February 19, 2009 Share Posted February 19, 2009 LOL that's what I was thinking too. Every bit helps. 1 down 99 to go Link to comment Share on other sites More sharing options...
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