– Swiss Banks Are Now Agents for the IRS

English: Basel Office of Swiss Bank Corporatio...

English: Basel Office of Swiss Bank Corporation, one of the two predecessors of UBS AG c.1920 (Photo credit: Wikipedia)


The division\’s current offshore program began in 2008, with the investigation of UBS AG, Switzerland\’s largest bank. As a result of that investigation, in February 2009, UBS entered into a deferred prosecution agreement DPA and admitted guilt on charges of conspiring to defraud the United States by impeding the IRS, exited the business of providing banking services to U.S. customers with undeclared accounts, and paid $780 million in fines, penalties, interest, and restitution.As part of the DPA and a 2009 agreement negotiated among the US, UBS, and the Swiss government to settle a civil summons enforcement proceeding brought by the Tax Division, the IRS has received account information about thousands of the most significant tax cheats among the U.S. taxpayers who maintain secret Swiss bank accounts…[These efforts] have resulted in an unprecedented number of taxpayers — over 38,000 since 2009 — voluntarily disclosing to the IRS their previously hidden foreign accounts and agreeing to pay billions of dollars in back taxes, interest and penalties to the U.S. Treasury.


via Swiss Banks Are Now Agents for the IRS. –




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