The end of Swiss banking secrecy?

[dcbogey]

UBS to pay fine, reveal U.S. clients
PAUL WALDIE
Wednesday, February 18, 2009
In a stunning blow to the long-held secrecy of Swiss bank accounts, Swiss banking giant UBS AG has agreed to pay a $780-million (U.S.) fine and reveal the identity of roughly 20,000 American clients as part of a settlement with U.S. justice officials.

The unprecedented agreement ends years of investigation by U.S. officials over allegations the bank courted thousands of American clients between 2000 and 2007 and helped them set up offshore accounts to avoid paying taxes. Two UBS managers in the U.S. have been indicted over the allegations and one has pleaded guilty.

http://www.globeinvestor.com/servlet/story/RTGAM.20090218.wrubs19/GIStory/


I bet there are few nervous clients just waiting for the taxman to come calling!

 

[gramage]

I'm stunned. Not stunned at the agreement, stunned that US prosecuters decided to try and expose it during the Bush administration. Score one post-presidency point for Dubya.

 

[enduser1]

Why would the Swiss be so stupid?

EU

 

[Mia.Colpa]

It's only one bank and I think they were targetted because they bought Paine Webber, don't think the other Swiss banks will do this. If they do, they will lose their status as a tax haven and will have to resort to chocolate and watches.

Mulroney should be sweating right now thinking what if Canada does this too.

 

[danmand]

There is no real secret bank heavens anymore, particularly because of the
anti-money-laundering laws put in place everywhere (and enforced by
a centre located in canada).

 

[Mia.Colpa]

There is no real secret bank heavens anymore

There are, you just have to be in the know.

 

[danmand]

There are, you just have to be in the know.

Have you heard of FINTRAC?

 

[dcbogey]

There in another lawsuit against UBS - this time asking for another 52K names.

http://www.globeinvestor.com/servlet/story/RTGAM.20090219.wUBS0219/GIStory/

 

[dcbogey]

Have you heard of FINTRAC?

FINTRAC looks at Canadian issues around the movement of large sums of money. If you have the help of a bank, as is alleged in the two cases against UBS, it probably wouldn't be that hard to avoid the scrutiny of FINTRAC or a similar US organization.

 

[Gyaos]

I'll bet Oprah Winfrey and A-Fraud (A Rod) have accounts there.

Gyaos.

 

[danmand]

FINTRAC looks at Canadian issues around the movement of large sums of money. If you have the help of a bank, as is alleged in the two cases against UBS, it probably wouldn't be that hard to avoid the scrutiny of FINTRAC or a similar US organization.

No, FINTRAC is international, most countries have committed to it's rules.

Check it out before you do something stupid.

 

[danmand]

Notice how Fintrac which was supposed to stop "money laundering" is actually being used to collect taxes. Why? because governments know that the volume of laundered money is actually very low compared to the amount of money that is not taxed in tax havens.

EU

Exactly, The "war on terror" has been used as justification for all kind of
decreases in personal freedom.

 

[landscaper]

I think UBS is the only large swiss bank with an American presence . The rest of them can simply ignore any U.S. directives . The bigger worry for teh banks is who are you more worried about the American govt or all those american lawyers with money in your bank expecting privacy?