Swiss Banking and Offshore Tax Evasion
1- UBS Whistleblower Gets $104 Million
https://www.wsj.com/articles/SB10000872396390444017504577645412614237708
The Wall Street Journal
Now a Felon, Former Banker Told U.S. About Tax-Evasion Tactics by UBS and Its Wealthy Clients.
A former UBS AG banker who helped the U.S. government unleash an international crackdown on tax evasion was awarded $4 million in what is believed to be the largest ever span whistleblower payout to an individual.
2- Credit Suisse Pleads Guilty in Criminal Tax Case
https://www.wsj.com/articles/credit-suisse-top-brass-dodge-tax-evasion-bullet-1400505829
The Wall Street Journal
Credit Suisse Group AG became the first financial institution in more than a decade to plead guilty to a crime Monday when the Swiss bank admitted it conspired to aid tax evasion and agreed to pay a.6 billion to settle a long-running probe by the U.S. Justice Department.
3- Uber Warehouses for the Ultra Rich
https://www.economist.com/briefing/2013/11/23/uber-warehouses-for-the-ultra-rich
The Economist
Ever more wealth is being parked in fancy storage facilities. For some customers, they are an attractive new breed of tax haven
4- The Panama Papers Scandal
https://www.wsj.com/articles/BL-263B-7297
The Wall Street Journal
What are the Panama papers?
A huge batch of reports late Sunday linked 140 public figures, executives and celebrities around the world to overseas assets in offshore tax havens ranging from the British Virgin Islands to Panama. Icelands prime minister has resigned, while Russian President Vladimir Putins spokesman deflected criticism. More political pressure is likely to follow.
5- Swiss Life Enters into Deferred Prosecution Agreement with DOJ May 14, 2021 WSJ
https://www.wsj.com/articles/swiss-life-enters-deferred-prosecution-agreement-with-u-s-justice-department-11621016613?page=1
Summary: These article links above represent just a few examples related to offshore tax evasion. To date 84 foreign banks have entered into deferred prosecution agreements and paid hefty penalties with the US Dept. of Justice. https://www.justice.gov/tax/swiss-bank-program
Directions:
* Read the WSJ articles above that show the scope of offshore tax evasion.
* Write a response summarizing what you found interesting in these articles.
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