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 A United States court has charged three Swiss bankers with conspiring to help tax cheats

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PostSubject: A United States court has charged three Swiss bankers with conspiring to help tax cheats    Wed Jan 04, 2012 7:42 am

A United States court has charged three Swiss bankers with conspiring to help tax cheats
Posted By: watcher51445
Date: Wednesday, 4-Jan-2012 05:53:53

More bankers face US tax evasion charges


A United States court has charged three Swiss bankers with conspiring to help tax cheats hide $1.2 billion (SFr1.3 billion) in Switzerland. The trio are accused of helping US clients switch their UBS accounts to the Wegelin private bank between 2008 and 2009 while the world’s largest wealth manager faced a tax evasion investigation.
They are also alleged to have attracted clients between 2005 and 2010 and helped them to hide their tracks by creating sham foundations, using elaborate code names to shield the identity of their clients.
The Wegelin bank, which is based in the eastern Swiss city of St Gallen, told the Swiss News Agency that the three indicted men had worked in Switzerland, and were still employed by the bank.
Since Wegelin no longer works with US clients, they are currently employed in different areas.
The bank said it was certain that Swiss law had not been violated at any time. It added that since April 2011 it had been examining the business it had conducted in the US in order to shed light on its activities.
The indictments are part of a long running campaign by the Internal Revenue Service (IRS) – the US tax authority - to block the tax evasion pipeline between the US and Switzerland.
Following the successful prosecution of UBS bank in 2009, the IRS and the US Department of Justice (DoJ) have turned their attention to around a dozen other Swiss banks.
Tuesday’s indictment follows the arrest and trials of other wealth management specialists linked to Switzerland.
High ranking Swiss and the US diplomats are currently seeking a political resolution to the ongoing spat. But a treaty to regularise cross-border banking between the two countries appears unlikely to be realised in the near future.
READ MORE
: http://www.swissinfo.ch/eng/business/More_bankers_face_US_tax_evasion_charges.html?cid=31879584

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