OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
Settlement in IRS versus UBS case reached
Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/14/2009 2:20:26 AM

By: Chuckles Again

This story keeps getting worse. Today's Wall Street Journal reports that now perhaps 5,000 names at most will be disclosed. Adding insult to injury, the article discusses the dilemma many UBS account holders are in: To disclose or not to disclose?

So much for Mission Accomplished. USD assets under management are creeping back up in Switzerland. The IRS could have shut down UBS. They didn't. Now people are asking why.

I guess 1/3 of the world's wealth will remain in Switzerland for the time being.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/13/2009 6:21:06 PM

By: Answers

The IRS probably realized all along that the 50,000+ accounts included many that were reported or had long been closed, etc., plus the IRS has met its primary goal of showing the Swiss bank secrecy can be penetrated and it will secure the conviction of a few dozen high-profile evaders to prove it.

Tax evaders will give up on Switzerland and look elsewhere, but now you're talking about countries with highly dubious banks, i.e., Uruguay.

So, as far as the IRS is concerned:
Mission Accomplished!


Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/13/2009 9:31:39 AM

By: Chuckles

You mean it won't be 52,000 names? You mean UBS won't lose its banking license in the U.S.?

I fail to see why the IRS did not call UBS's bluff and enforce the summons. Would someone from the Tax Justice Network please explain why the IRS settled for less than complete compliance?

I think the OECD's next initiative should be to ban paper money. There's no need for it when everything can be handled electronically. It would certainly make tax audits that much easier to conduct.


Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5779


Posted: 8/12/2009 3:12:06 PM

By: Place yer bets place yer bets

Looks like UBS is going to turn over some more names after all: http://online.wsj.com/article/SB125007792394025747.html

Let's take bets on how many, I say 2,500.

As a side bet, you can guess what that idiot Bob Bauman is going to do with his "Swiss Money Secrets" books, i.e., put them on Amazon for 25 cents, give them away to charity, turn them over to the Boy Scouts paper drive, etc.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/14/2009 2:57:20 PM

By: Bob B

Maybe Bob Bauman can change the name of his book to "Swiss Money Indictments"!


 

Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

ALL ARTICLES  
British 'crypto-friendly' travel booking firm Travala facing strike-off
UPDATED: Shortly after OffshoreAlert reported that British 'blockchain-based, cryptocurrency-friendly' online travel booking start-up Travala, which has raised over £2 million from investors and is now owned by a Cayman Islands firm, was facing compulsory strike off for failure to file its accounts, the firm filed unaudited "Micro-entity Accounts" with Companies House that contained scant details.
LATEST ARTICLES & DOCUMENTS  
BAHAMAS  
BERMUDA  
BRITISH VIRGIN ISLANDS  
CAYMAN ISLANDS  
Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.