On October 22, 2015, the Wall Street Journal published an article, Inside Swiss Banks’ Tax-Cheating Machinery. Jeff Neiman, who led the Department of Justice investigation of UBS in 2009 that pierced the veil of Swiss-bank secrecy, stated, “Helping American conceal assets from the IRS was a big business for many sizes and types of firms in Switzerland, and now we’re seeing how extensive it was.”
The article details how, as part of a Justice Department program that lets them avoid prosecution, dozens of Swiss banks have been spilling their secrets this year as to how they encouraged U.S. clients to hide money abroad. According to the Wall Street Journal, more than 54,000 U.S. taxpayers with undeclared accounts have paid more than $8 billion to the Internal Revenue Service to resolve their cases and avoid criminal prosecution.
For full article, please click here: http://www.wsj.com/articles/inside-swiss-banks-tax-cheating-machinery-1445506381