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Author: sykesix Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63237  
Subject: Havens Turning Hellish For Tax Avoiders Date: 1/13/2013 7:44 PM
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Mitt Romney's options for hiding illegal money are becoming more limited.


Time was that a Swiss bank account was synonymous with confidentiality and keeping assets from prying eyes. No more.

Last week, Switzerland's oldest bank, Wegelin & Co., pleaded guilty in a New York court to helping Americans hide $1.2 billion from the Internal Revenue Service over a decade-long period. Wegelin's plea, and a $57.8 million fine, forced the bank to shut its doors. It follows a $780 million settlement with UBS in 2009 that forced the Swiss banking giant to identify the names of its U.S. account holders.

The prosecution of the Swiss banks is part of a U.S.-led international push that has been building for years. It takes advantage of newly enacted U.S. law and freshly negotiated bilateral tax treaties and global protocols.

Although Switzerland, as the world's largest tax haven, has come in for particular scrutiny, the pressure is also being felt in the Cayman Islands, Barbados, the Bahamas and Singapore, all of which have in the past been prime destinations for secret cash.


http://www.npr.org/2013/01/08/168870692/havens-are-turning-h...
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