Fresh US tax cheat charges hit banking sector

Friday, 26 April 2013

Fresh US tax cheat charges hit banking sector

Switzerland is desperate to avoid another Wegelin disaster (Keystone)

April 17, 2013 - 13:52

A Swiss banker and a lawyer have been charged in the United States with helping tax cheats. This heaps further pressure on the beleaguered Swiss finance sector, coming a day after yet more secret data was leaked to Germany.

The New York attorney’s office issued the indictments against the duo on Tuesday – the latest in a string of legal charges against Swiss-based bankers and lawyers. In the meantime, the Swiss government is trying to negotiate a settlement with the US to put an end to investigations into several Swiss banks.

The indictment, filed with a Manhattan federal court, accused an executive at a Swiss private bank and a partner in a law firm of conspiracy to evade US taxes. Both of the accused are believed to be in Switzerland.

The US authorities have continued to aggressively pursue Swiss banks and individuals since forcing Swiss bank UBS to pay a $780 million (CHF720 million) fine in 2009 and the Swiss government to later hand over details of thousands of the bank’s customers.

Up to 13 banks remain in the sights of US prosecutors who scored a direct hit against Switzerland’s oldest bank, Wegelin, last year. Wegelin was forced to break up and effectively end its 271-year existence after being caught red handed poaching tax evading clients from UBS.

The latest US charges filed on Tuesday indicate that another Swiss private bank tripled its US clients between UBS’s prosecution in 2009 and Wegelin’s demise three years later.

Data leak

The Swiss financial sector was also stung by the revelation that yet another CD containing confidential banking data had been sold to Germany. The German state of Rhineland-Palatinate said on Tuesday that it had paid €4 million (CHF4.85 million) for the CD containing details of 40,000 bank clients.

The Swiss authorities are currently pursuing the extradition from Spain of Hervé Falciani, the former employee of HSBC Geneva who passed on secret data to France. Breaking bank secrecy laws is a criminal offence in Switzerland.

But the Swiss government is also currently working on a sustainable solution to the impasse with the US that it hopes will bring an end to criminal investigations of banks and individuals.

A government spokesman confirmed on Wednesday that negotiations with Washington were still ongoing but gave no indication of when a final deal could be struck.

swissinfo.ch and agencies

No comments:

Post a Comment

Wealth Protection Tips

Q: Should I use Secret Bank Accounts to hide money from Tax Authorities?
Ans: NO, in the case of an individual, any funds in a off-shore bank account not declared to your Tax Authority is a criminal offense and "NO" Bank can protect you.

Q: Can my Bank in a Tax Haven Country really protect my position?
Ans: NO, they have an obligation to disclose illegal dealings, if your Bank withhold such information, this remains a criminal offense and they will be party to the criminal action and be prosecuted with you.

Q; How do I protect my wealth generating assets and profits?
Ans: By using the correct global international structures and ensure your global international structures are done properly. There is no need to hide from Tax Authorities

Q: Do I need Tax Haven Countries?
Ans: You do need the correct global international structures placed in the correct Jurisdiction within certain protected Tax Haven Countries which structures ensure maximum protection of private information and assets held.

Q: Who do I contact to help me and how do I sort this out?
Ans: Premier Gold has a Wealth Protection department with highly capable experts that are more than capable to assist you and put your mind at ease.

Go to the Premier Gold Group website and submit your online request for support. They will refer your request to the experts dealing with global international structures.

Important Wealth Protection Information

The big question always remains, “How do I protect myself and my wealth generating assets against changing times and circumstances in the world?

The very first thing you should understand is as an individual owning all your wealth “personally”, you are extremely vulnerable and exposed to certain obligations by law. As a citizen of your country you are an income generating asset to your country. This is the position your country would like to protect and the very reason why law makers implement laws to protect their income (Taxes). If your assets are owned by you personally or in an off-shore trust as a beneficiary you are one with your assets and you will have no doubt “big problems” if failing to disclose as obligated. If your country controls you they control your assets and their own income (Taxes).

This is the very reason why you should consider proper international structures to clearly define the line of ownership between you and your assets. Remember your country is entitled to their income (Taxes) and they will do anything to protect that position. If you have proper international structures and the ownership of your assets is properly defined your country can legally receive what they entitled to which in no way could put you in a position where you break the law to protect wealth.