Swiss To Estimate Total Amount Held By U.S. Residents In Secret Accounts - Reuters/HuffPo

[WillyT]

Swiss To Estimate Total Amount Held By U.S. Residents In Secret Accounts
Reuters/HuffPo
First Posted: 9/6/11 08:12 AM ET Updated: 9/6/11 12:09 PM ET

<snip>

Switzerland is set to partially meet a U.S. ultimatum and deliver an estimate of the amount of assets held by U.S. residents in secret accounts at Swiss banks, possibly up to $30 billion, a newspaper reported on Tuesday.

Citing unnamed sources, the TagesAnzeiger reported that Switzerland would hand over on Tuesday details that the FINMA financial markets regulator has gathered from banks in recent months on accounts held by Americans with more than $50,000. "According to unconfirmed estimates there were $20-30 billion from tens of thousands of clients," the paper wrote.

Newspapers reported on Sunday the United States had given an ultimatum to Switzerland, saying Credit Suisse and nine other banks could face charges unless information on U.S. tax evaders using Swiss accounts was handed over by Tuesday.

Switzerland is resisting reverting to emergency law as it did to settle a U.S. investigation against UBS when it bent strict bank secrecy laws to reveal details of some 4,450 UBS clients to avoid criminal charges.

<snip>

More: http://www.huffingtonpost.com/2011/09/06/swiss-us-residents-secret-accounts_n_950042.html

:kick:

[KansDem]

1. It's about time! Take two actions now...!!!

1) Go after tax cheats and get their money before you go after Social Security. Use their money, not ours, to pay down the debt!
2) Don't go after Social Security!

[durablend]

2. *Only* $30 billion?

Surely figured it'd be much more.

[roguevalley]

3. off shore holds trillions by leaches that contribute nothing.