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Secrets of Swiss Success

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The United States and Switzerland are in talks on a deal that would let several Swiss and European banks join a common settlement and avoid US prosecution for helping wealthy Americans dodge taxes, persons briefed on the matter said. As part of the agreement, the banks would pay a fine, exit their undeclared offshore banking businesses for Americans, and turn over client names to the Internal Revenue Service and the Justice Department. The US agencies would drop an ongoing investigation into the banks.


http://www.reuters.com/article/2011/06/10/us-usa-taxes-swiss-idUSTRE75940920110610

Filed under: Banksters Credit Suisse DOJ HSBC IRS Julius Baer SEC Switzerland Taxation UBS
 

Eidgenossenschaft
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WikiLeaks founder Julian Assange attacked Switzerland for arresting a Swiss banker, Rudolf Elmer, on suspicion of breaching banking secrecy instead of investigating the tax evasion he said Elmer had uncovered. In an interview published in Swiss weekly Der Sonntag, Assange said Switzerland's actions were drawing renewed international attention to its controversial banking practices.

Switzerland's bank secrecy helped it build a $2 trillion wealth management industry but the laws have come under intense global attack in recent years, with neighboring Germany buying secret data from informants to track down tax evaders. Assange said Switzerland was not the only country involved in the offshore banking structures that were depriving tax authorities worldwide of some $22 billion.


http://www.reuters.com/article/idUSTRE70K4GT20110123
Filed under: Banksters Capitalism Julius Baer Rudolf Elmer Switzerland UBS WikiLeaks
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