I read this in New York Times where the giant Swiss bank UBS is going to hand over names of wealthy americans to the Justice Department. Quoting from the news:
The delivery to the Justice Department, expected to take place within several months, would place American client names in the hands of federal prosecutors seeking to build criminal cases against wealthy Americans they suspect of tax evasion.
The reason why they are doing this, again I quote:
Justice Department officials hope to prove that the American clients committed fraud and engaged in tax evasion by concealing their ownership of offshore assets, in part by creating sham entities and then filing I.R.S. forms that falsely claimed the entities were the owners of the accounts.
United States law requires American taxpayers, including trusts and partnerships, to report all financial accounts held in a foreign country if their total value exceeds $10,000 during the year. Not doing so can result in a penalty of up to 50 percent of the amount in the account at the time. In a new tactic, the Justice Department is focusing on failure by UBS’s American clients to file those reports.
I guess this is the first time in history that a Swiss bank will do this maybe because of the crisis happening in the U.S. This event kept me thinking…how many wealthy Filipinos are there that have Swiss account? I guess it’s about time.
Want to read the whole story? go here.
Posted by Manuel
Manuel Montala was an online entrepreneur who enjoys blogging about entrepreneurship and gathering information for his blog to help budding entrepreneurs. You can also reach him on twitter: http://twitter.com/mmontala
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