Search

The article reports that several U.S. citizens participating in a tax-evasion amnesty program offered by the Internal Revenue Service have identified ten Swiss and European banks where they held accounts. Credit Suisse Group AG and Julius Baer Holding AG were among the firms named. The development does not necessarily imply wrongdoing by these banks.

The article reports that the U.S. Internal Revenue Service (IRS) has seen a sharp rise in applications to enter a voluntary disclosure program that ends in September, 2009. Participants who admit to tax evasion may face civil charges rather than more serious criminal ones. IRS efforts to obtain information on private accounts at Swiss bank UBS AG are seen as a motivating factor.

The article reports that in the aftermath of an indictment of a former UBS AG private banker on charges of assisting clients with tax evasion, several affluent UBS customers have sought amnesty through a program offered by the U.S. Internal Revenue Service. Under the program participants can avoid prosecution if they admit wrongdoing and pay all taxes and penalties due.