Friday, March 6, 2009

UBS accused of helping tens of thousands of citizens of the United States hundreds of billions of years on tax evasion

UBS Financial Officer Branson advanced on the 4th at the United States Senate at a hearing heldUBS Financial Officer Branson advanced on the 4th at the U.S. Senate held hearings that ended last September 30, about 47,000 American citizens suspected of opening an account in UBS engaged in tax evasion activities. However, the bank has so far only submitted to the U.S. Government more than 300 "have problems" of the United States list of clients. U.S. Department of Justice hinted that if the U.S. and UBS federal judge refused to disclose the names of other clients of the practice of "flouting the law," the bank may have to legal action.

The Associated Press reported February 18 this year, UBS officially admit, who helped open an account at the bank of the United States the rich tax evasion, and agreed to the United States regulatory authorities to 780 million U.S. dollars to pay fines and compensation. Branson claimed that almost all "American citizens to open accounts at UBS," have been canceled, so the line "now do everything we can to cooperate fully with" the United States tax authorities to investigate the job.

Branson stressed that under Swiss law, UBS to the U.S. side should not disclose too much information, otherwise the bank employees may face criminal proceedings in domestic. UBS will also be a result of their violation of the Privacy Act by the Government of revoking their licenses. In response to this argument, the U.S. Senate Homeland Security and Governmental Affairs Committee Chairman Gilman stated that the President in support of Obama, the United States may be the recent adoption of legislation to strengthen the country's citizens overseas tax evasion crackdown.

Introduction The United States Justice Department, residing in the United States in order to assist local clients for tax evasion, UBS employees regularly sent to "training" to enter the name of the United States activities, its main mission on the line with those at the opening of secret accounts rich contact and provide all kinds of advice and services. It is through this approach, a customer on behalf of UBS in the United States each year job about 30 days, and through the use of shelter and transform code word, etc., to reduce the U.S. tax authorities and law enforcement attention.

The United States government estimates that the country's citizens through the creation of "overseas accounts" and other ways to let each year around one hundred billion U.S. dollars of tax money lost. At the financial crisis, the United States government was forced through the issuance of treasury bonds to raise funds to rescue the market, therefore, to recover the huge domestic rich evaded taxes, calculated on the absolute are "timely help" move that allows the White House under pressure, "Surge tone. " Therefore, the United States will not easily let go of UBS, will spare no effort "in claiming payments."

Swiss banking in the morning for hundreds of years ago began to perform "on all matters relating to clients to remain silent" secrecy. Although the international community for the drawbacks of such a system has long been full of grievances, but the Swiss Federal Constitution and the citizens have the right to vote to ensure the continued existence of such a system. Ensure the confidentiality of highly renowned for its achievements in the Swiss banking sector as an international financial center, and the country has brought untold wealth.

UBS is facing pressure at the United States "keep a stiff upper lip does not open one's mouth" at the same time, Israel, the Cayman Islands and other areas that could help American citizens suspected of tax evasion, bank customers are now unable to sit still, they have the Inland Revenue Department to the United States "surrendered" in order to gain "leniency." It is learned that the so-called "grace period" to the end of the year deadline. UBS lot of money customers are from the family inheritance, and in the United States before their immigration privately deposited on behalf of UBS.

UBS in the United States to clean up before, the German government told citizens of Liechtenstein and Germany in secret overseas accounts were surprise inspections. With the deepening of economic globalization, governments will inevitably step up efforts to combat the system to rely on bank secrecy to carry out criminal acts of economic strength. UBS international assets belong to the plight of the beginning of transparency. Faced with growing international pressure, the future changes in the Swiss banking system has given rise to strong concern.

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