Busted: Bankers and The Global Economy

July 19, 2008

Swiss Secret Banking Dropped by UBS

Due to secrecy pressures from the U.S. federal government, Swiss-owned UBS has decided to drop offshore banking services in America because of criticism that the foreign bank assists Americans in rampant tax evasion. It is now much harder for Americans to participate in secret banking.

Meanwhile, the bank is cooperating with the U.S. government to identify U.S. clients who might have committed tax fraud by using UBS services. Because of the refusal of the Swiss to succumb to privacy pressures, UBS has elected to cease their offshore banking service altogether for America.

Client identity is usually protected under Swiss law, but not when (more…)

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