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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSecret Swiss Accounts Said No Longer Safe for Tax Dodging
By David Voreacos - Sep 8, 2013
Taxpayers who still believe they can hide secret Swiss bank accounts from the Internal Revenue Service are beyond foolish, the top U.S. tax prosecutor said as a five-year crackdown expands to new offshore havens.
The enforcement drive has forced a remarkable change in the ability of the U.S. to find secret accounts in Switzerland, the worlds largest offshore financial center with about $2.2 trillion of assets, said Kathryn Keneally, assistant attorney general in the Justice Departments tax division.
If someone had an account in Switzerland, it is beyond foolish to think that that account is going to remain secret, said Keneally, 55. In the last five years, weve seen a remarkable change in our ability to get information concerning Swiss bank accounts. Its extraordinary. Switzerland is no longer a good place to hide assets for tax reasons.
Keneally, in her first interview since taking the job in April 2012, said a new U.S. amnesty program for Swiss banks to disclose how they aided tax evasion puts taxpayers and offshore enablers at risk of prosecution. Since 2009, the U.S. has prosecuted 68 U.S. taxpayers, three Swiss banks, and 30 bankers, lawyers, and advisers. Another 38,000 Americans moved $5.5 billion to the U.S. and avoided prosecution by saying who helped them offshore.
Swiss bank secrecy never should have been viewed as a mechanism to commit criminal acts, Keneally said. I dont believe it is the intention of Switzerland for its bank secrecy laws to be used in that manner. We are making good progress toward eliminating that use of Switzerlands laws.
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http://www.bloomberg.com/news/2013-09-08/secret-swiss-accounts-said-no-longer-safe-for-tax-dodging.html
SharonAnn
(13,772 posts)LuvNewcastle
(16,844 posts)If the IRS would go down there, they would probably get billions for the treasury.