I am pleased to announce, after 12 years of research, the publication of my 10th book, now available for immediate download from the Amazon Kindle store: Offshore Tax Evasion: The IRS and Swiss Banks
Switzerland is the epicenter of international tax evasion and money laundering.
Under the 2013/2014 US Govt. GAO Report, the IRS Offshore Voluntary Disclosure Program listed the top 7 countries with undisclosed accounts. #1 was Switzerland with 42% of the accounts (UK was a distant second with 8% of the accounts). Switzerland holds more than 5x the bank accounts of “US tax cheats” than the 2d biggest jurisdiction (UK).
Major Swiss banks have admitted to tax evasion as their “business”: In Feb 2009 UBS agreed to pay a $780m fine and entered into a deferred prosecution agreement with the US Dept. of Justice
In Jan. 2013, Wegelin Bank, the oldest Swiss Bank (est. 1741) paid a $74m fine and entered a guilty plea to tax evasion charges and announced it would close its bank;
In November 2014, Credit Suisse entered a guilty plea to tax evasion and agreed to a $2.6B penalty.
As of December, 2014 more than a dozen Swiss Banks including major bank: HSBC & Julius Baer continue to be investigated for their roles in helping US taxpayers evade taxes.