Tax Haven Bank Secrecy Tricks
Senator Carl Levin (D-MI) revealed a list of “secrecy tricks” he said the UBS
bankers used to carry out their tax haven schemes. They include:
• Code Names for Clients
• Pay Phones, not Business Phones
• Foreign Area Codes
• Undeclared Accounts
• Encrypted Computers
• Transfer Companies to Cover Tracks
• Foreign Shell Companies
• Fake Charitable Trusts
• Straw Man Settlors
• Captive […]
Cayman Islands, Business and Tax Advantages Attract U.S. Persons and Enforcement Challenges Exist
The U.S. Government Accountability Office (GAO) has recently published, “Cayman Islands, Business and Tax Advantages Attract U.S. Persons and Enforcement Challenges Exist.”
The 57 page pdf can be found here.
Permanent Subcommittee on Investigations Issues Report On Tax Haven Banks Hiding Billions from the IRS
7/17/08 Press Release from Michigan Senator Carl Levin’s office-
WASHINGTON – At a Thursday hearing entitled, Tax Haven Banks and U.S. Tax Compliance, the latest in a series of hearings with insider information about the workings of the offshore industry, the Senate Permanent Subcommittee on Investigations will examine how tax haven banks facilitate tax evasion by U.S. […]
UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says
UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says (Update2)
By David Voreacos and Carlyn Kolker, Bloomberg.com
UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.
UBS, the world’s largest wealth manager, hid as much as $17.9 […]
Day of Reckoning? Super Rich Tax Cheats Outed by Bank Clerk
Technician in Liechtenstein Turns Over Names of Americans With Secret Bank Accounts
By BRIAN ROSS and RHONDA SCHWARTZ, ABCNEWS.GO.COM
July 15, 2008—
Hundreds of super-rich American tax cheats have, in effect, turned themselves in to the IRS after a bank computer technician in the tiny European country of Liechtenstein came forward with the names of US citizens who […]
IRS Taps Audit Firms to Probe Foreign Bank Role in Tax Cases
July 3 (Bloomberg) — The Internal Revenue Service summoned six of the biggest accounting firms to help detect foreign banks whose U.S. customers may be evading taxes through secret accounts, expanding an investigation that yielded a guilty plea by a former banker for UBS AG.
The IRS scheduled a July 8 conference call with the auditors […]
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