ALJAZEERA: For centuries, Switzerland has been a peaceful haven; its mountains wrapped in majestic mystery and its banking in centuries of secrecy. But for the world’s tax cheats, Switzerland is now a paradise lost. Foreign governments are prying open the $2 trillion offshore banking business in the country with tax treaties.
It all started with a former UBS banker who spent two-and-a-half years in prison for helping wealthy Americans avoid paying their taxes. It is a story that would have gone unnoticed had it not been for the fact that the Inland Revenue Service awarded that man $104m for revealing the secrets of the Swiss banking industry. It is believed to be the biggest whistle-blower award ever. And it heralded in a new era – no longer could the Swiss banking industry keep its secrets.
UBS, the Swiss bank at the centre of the whistle-blowing, agreed to pay a $780m fine. But the US is still investigating more Swiss banks. And other nations are now also pursuing the Swiss banks, including the UK, Austria and Germany – all keen on clawing back tax on some of the $2 trillion of wealth that foreign clients have stashed away there… (more)
EDITOR: Does anyone see this happening under a Romney administration?
