US lawmakers attack bank secrecy

[KansDem]

Source: BBC News

Senior US and European bankers will appear before US lawmakers later to defend themselves against claims that they helped to promote tax fraud.

The hearings come after a report from a US Senate sub-committee criticising overseas banks for allowing rich Americans to avoid paying taxes.

Swiss bank UBS and Liechtenstein bank LGT, owned by the principality's royal family, were singled out.

The report claims that secrecy laws cost the US $100bn (£50bn) a year.

Conducted by a sub-committee of the Senate Homeland Security and Governmental Affairs Committee, the report is part of a wider investigation into offshore tax fraud by US taxpayers.

It alleges that between 2006 and 2007, UBS - Switzerland's biggest bank - and LGT created complex offshore structures for their clients in which they could hide their assets from the Internal Revenue Service (IRS), which collects taxes for the US government.

UBS has an estimated $18bn in 19,000 undisclosed Swiss accounts for US customers, the report disclosed.



Read more: http://news.bbc.co.uk/2/hi/business/7511387.stm

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I heard this on BBC this morning. AND I AM FURIOUS!!! :grr:

Reaganism gave these crooks more wealth so they could "invest and create jobs." Instead, these tax cheats take their ill-gotten swag and hide it in offshore bank accounts!

SEIZE THEIR ASSETS...NOW!!!

[drm604]

1. K&R

:kick:

[shraby]

2. It's about time they started asking questions.

Swiss bank accounts to avoid taxes has been known about ever since I can remember. Common knowledge it was, as is the Cayman Island banks. Time to investigate, indict and incarcerate the tax dodgers as well as confiscate their ill gotten gains to help pay back what they have hidden for years.

[FarCenter]

4. This is probably about keeping European tax havens from competing with Anglo American ones

For which see Cayman Islands, Jersey Island, Isle of Man.

Was Antigua one?

[tex-wyo-dem]

3. See related Reuters report....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3746595