Swiss Banks: America and Nigeria

Written by Paul I. Adujie

Lawcareer2007@aol.com

New York, United States

The federal government of the United States, is currently negotiating modalities for unravelling the tax evasion crimes allegedly committed by some 52,000 American citizens through offshore banking which they conducted with banks and financial institutions in Switzerland.

The current development above, is in addition to, actions taken by the governments and financial institutions in Europe and North America, shortly after the attacks on America on September 11, 2001. Actions which were rapid, speedy and swift.

These collection of actions culminated in the freezing and embargoeing of any money and or, other financial instruments connected to anyone from the Middle East or anyone of Arab descent, who was considered a real or an imagined terrorist.

At that time, it did not even matter whether the persons or institutions so suspected, were in fact connected to terrorist acts or whether they were contemplating and or in any conspiracy to commit terrorism. A mere suspicious, a mere allegation, a mere connection to some persons or charity, no matter how remote or tenuous,such, was considered by the George W. Bush government to be sufficient excuse, to freeze and embargo accounts, and, arrest and detain, even without trial, persons that have been,as such, suspected or accused, rightly or wrongly.

The Bush government's rationale was spelt out and pursued, premised on a mantra of, you either with America in the fight against terror, or your are against America. Mr. Bush pointedly stated that America would visit unpleasantness on anyone, organization or country that harbored persons suspected of terrorism or harbored resources for suspected terrorists.

Countries around the world, and in particular, Europe and the Americas, complied speedily. Banks and financial institutions were falling over one, after the other, to comply with Mr. Bush's government's demands across the board. This development was in of itself, not necessarily an evil one;Except of course for this one detail. Which is this. Prior to September 11, 2001,Transparency International and the rest of the world, cried to high heavens regarding the looting of public treasuries with impunity, looting and pillaging by government officials, elected or appointed, including those who usurped political power through barrell of the gun military coup or putsch.

It was widely and wildly believed, known or suspected,that those public officials who plunder and pillage public funds,had identical affection and preference for Swiss Banks and its secrecy and confidentiality rules.Rules, which barred Swiss Banks and government from divulging any information pertaining to lodgements of assets in Swiss Banks and other financial institutions.Even where the Swiss Banks and government suspects and or knows, that the assets and resources are proceeds of crimes such as terrorism, money laundry or corruption? Proceeds not from legitimate enterprises or proceeds not derived from the provision of goods and services. Why would they knowingly shroud a criminal? Or obfuscate issues with banking secrecy and confidentiality?

Money which leaves Nigeria, nay Africa, becomes part Swiss bottomline, part of Swiss GDP and become Swiss asset and resource. This means, that a sudden return of this chunks of money to Nigeria would cause a financial seismic shift to Nigeria's advantage.It just so happens as history has it, slave trade and colonialism after it, saw to it, that Africans were tools and a major factor in western development,and now again, we are witnessing usurpation of African assets and resources through new routes and machinations.

It is common knowledge,that Nigeria and a majority of other African countries, have been subjected to economic paralysis and underdevelopment, as a consequence of looting, pillage and plunder by those elected, appointed or those, who shot their way to power.

It is common knowledge, that these loots are more often than not, siphoned into these offshore safe havens outside of Africa. There are therefore questions that arise; why would these angels in Switzerland, Europe and North America act as safe havens for the lucifers of Africa? Why would the incorruptible and decent people, savor being bankers for rogues,monsters and agents of death and peddlers of misery? Why would decent peoples and decent governments of Europe act in cahoots with looters by providing safe havens and succor to those who loot with impunity and without remorse? Why would these same peoples and governments turn around to loudly proclaim their detest of corruption and agents of corruption from our shores?

What exactly shall we call any citizen, institution and or government which protects and shields stolen property? An accomplice and an accessory after the fact,with complete complicity and duplicity with the perpetrator or principal.

And more to my point, in all of these. Nigeria during President Olusegun Obasanjo's administration, vigorously pursued loot retrieval and repatriation as a national policy. This have meant a vigorous and prodigious pursuit of Nigerian assets and resources,in banks and other financial institutions in America and Europe, places, where looters have lodged such assets and resources. Nigeria expended money, huge amounts of money and energy,battling foreign banks and governments, in efforts to retrieve these loots. Foreign banks and governments, fought Nigeria's efforts, every step, after another step of the way.

The stiff and unprecedented resistance to Nigeria's retrieval and repatriation of assets and resources wrongly siphoned from Nigeria in the first place,were spectacular and extraordinary. This resistance have been vehement and has been uniformly so everywhere, but more particularly so in Switzerland. Switzerland prided herself as having secrecy and confidentiality in banking as second-nature, all that, until Mr. Bush showed up after September 11, 2001 upon which Mr. Bush demanded that the Swiss and everyone else promptly open their bank vaults for search terrorists who were then claimed to be every where, and everyone, including the Swiss complied!

Now, President Obama of the United States, for a different reason,quite unrelated to Mr. George W. Bush's phantom war on terror, has asked the same Swiss Banking system and the government of Switzerland, to divulge and disclose the banking specificities of 52,000 Americans who may have in the process, evaded payments of American taxes on their earnings and the Swiss are literarily,kicking and screaming, but in all,obliging the American government with her demand, but, wait, why does the same courtesy not apply to Nigeria? Why is there this double-standards in these matters?

Why is it, that those who accuse us and proclaim publicly, the vapidity of corruption, are the same ones protecting the corrupt thieves and their plunder? Why is it, that those who are quick to scandalize Nigeria's name regarding corruption, are the same ones who are splendidly uninterested in being on Nigeria's side, in efforts to retrieve assets and resources which were stolen from Nigeria and stashed in their banks in America, Europe and Switzerland in particular? What explains this double standard?

Robot  # 1 | 13.05.2009 19:58

Why is it, that those who accuse us and proclaim publicly, the vapidity of corruption, are the same ones protecting the corrupt thieves and their plunder? Why is it, that those who are quick to scandalize Nigeria's name regarding corruption, are the same ones who are splendidly uninterested in being on Nigeria's side, in efforts to retrieve assets and resources which were stolen from Nigeria and stashed in their banks in America, Europe and Switzerland in particular? What explains this double standard?...Read the full article.

eire  # 2 | 14.05.2009 04:45

Thanks Mr Adujie, Call a dog a bad name to hang it! The west is not in a hurry to give Nigeria any positive publicity, if anything the name Nigeria is better off run through the mud if only for something as simple as illegal migration or idol worshipping. It will carry a heavier weight in the western media than committing terrorism or the western serial killers and child rapist we all know of. Frankly speaking the tradition started ages ago, Nigeria is the largest country in the world with black people in it. Black people contribute the largest number of cheap (free labour) and also offer the best people in the world to economical exploit through one form of cheap raw materials or the collection of looted funds. Nigeria is at the forefront of neo-colonialism, western exploitation and imperialism; it cannot win. you cannot loot Nigerian while all the while telling the children of the western world that there are some things good about that country. Nigeria must be hated, despised and never pitied even of you show the state of the Niger Delta where western oil companies operate in broad daylight, damning all international human and environmental laws. It is to the credit of these evil nations that our demise is further worsened by bad leadership, a fearful and gullible populace! The current geographical state of the nation whereby balkanisation has seen to it that incompatible ethnic groups have been banded together but can never co-exist has created another distraction from the issues we face. We are busy fighting amongst ourselves while politicians and the western world continue to loot our economic lifeline. When the fight is over there may not be anything left for the future generations of the country, and the Swiss banks will have completed the laundering of Africa's wealth into an untraceable bond for the future of their own future generations. Doom might come, but not if the average Nigerian revolts, sheds and loses blood to fight a collective enemy called the western world and the politicians they back to help them rape and loot our economies.

PAPIG  # 3 | 16.05.2009 12:51

Thank you Paul Adujie. It is becoming very obvious that massive corruption knows no national boundaries. It apppears corruption in the Western World is grossly under-reported whilst that in developing countries is trumpeted out of all proportion in comparison. I wonder why. In the developed world, corruption is blamed on individuals and corporations whilst everyone in the developing world is collectively held responsible for the deed of unelected leaders. Why the disparity? It is simple. The WEST only wants what is in their best interest economically through encouraging massive corruption in developing countries and reaping the benefits therefrom. Why would Switzerland encourage good governance in Africa when it translates to reduction in capital for their secret banks? Where would a country like Switzerland be without looted funds by African dictators? Are we still surprise why they are not keen to be in the EU mainstream? Financial probity would not be in the best interest for rogue states like Switzerland. The status quo is now untenable. By the way, the term rogue states should not be the exclusive preserve of Zimbabwe, Nigeria, Colombia or Iraq; the Swiss, Italians, the English, the US have earned a well deserved place on this honoured list. The thrust in your piece is also what Professor Biodun Jeyifo's is alluding to in his ongoing treatise in the Sunday Magazine of the Guardian: Talakawa Liberation Courier (92): Global Capitalism and Corruption withour borders: Memo to Transparency International (1-5). This piece and Biodun Jeyifo's is ready for global consumption and i would be keen for these to be widely disseminated. Given the filth emanating from the UK House of Parliament, the Mardoffs, the US sub-prime market, Halliburton, Enron, the current global economic down-turn and the filth in Germany's Siemen, Julius Berger etc and Berlusconi's Italy, it would be interesting to see where these western countries stand in the league of MOST CORRUPT COUNTRIES. The question has to be asked. How does the TRANSPARENCY INTERNATIONAL define CORRUPTION and can they confirm that they use uniform standards to come to their conclusions? I am dying to see their corrupt list. I hope they would not take the easy way out by claiming that there is NOW NO NEED TO HAVE A LEAGUE TABLE OF THE MOST CORRUPT COUNTRIES. AHA.......! Thank you once again Paul Adujie.

No Smoking  # 4 | 16.05.2009 16:23

...Nigeria during President Olusegun Obasanjo's administration, vigorously pursued loot retrieval and repatriation as a national policy. This have meant a vigorous and prodigious pursuit of Nigerian assets and resources, in banks and other financial institutions in America and Europe...where looters have lodged such assets and resources. Nigeria expended money, huge amounts of money and energy, battling foreign banks and governments, in efforts to retrieve these loots. Foreign banks and governments, fought Nigeria's efforts, every step, after another step of the way. .............................. Why is it, that those who accuse us and proclaim publicly, the vapidity of corruption, are the same ones protecting the corrupt thieves and their plunder? Why is it, that those who are quick to scandalize Nigeria's name regarding corruption, are the same ones who are splendidly uninterested in being on Nigeria's side, in efforts to retrieve assets and resources which were stolen from Nigeria and stashed in their banks in America, Europe and Switzerland in particular? What explains this double standard? ILN, You have not included the fact that the Siwss and British banks actually returned some of the Abacha loots, and undertook the prosecution of some Abacha family members. Your man OBJ shot himself in the foot when he embarked on that TTA. Later, at the forced compliance of his departure, his EFCC was found to have been waging a war against OBJ opponents, whilst OBJ allies were swimming in the filth of freshly-looted funds. Those two events were enough to sow seeds of doubts in the minds of those who previously thought OBJ should be helped in his quest. Fallen man, regardless of colour or location, is prone to produce works of the flesh. Nevertheless, Western govts would often use budgeted allocation of funds to achieve the public good. Unlike African govts whose ministers would transfer those funds to private estates abroad. The crisis in the UK parliament concerns the misuse of allowable personal expense claims. Not to be confused with State govts paying contractors for jobs not performed, etc.

I Love Nigeria  # 5 | 31.07.2009 12:53

This is an issue to which the government and all citizens of Nigeria ought to pay rapt and keen attention. Perhaps a precedent is about to be set, which in turn will benefit the people and government of Nigeria? - Paul I. Adujie a.k.a I Love Nigeria. July 31, 2009 US, Swiss Near Settling in UBS Tax Evasion Case By THE ASSOCIATED PRESS http://www.nytimes.com/aponline/2009/07/31/us/AP-US-UBS-Secrets.html?_r=1&pagewanted=print Filed at 12:33 p.m. ET MIAMI (AP) -- Days before a high-stakes trial with implications for bankers worldwide, the U.S. and Swiss governments said Friday they reached a hard-fought settlement in the U.S. effort to get names of thousands of wealthy Americans suspected of evading taxes by hiding billions of dollars with Swiss banking giant UBS AG. Both governments and UBS said details would remain confidential until a written settlement was finalized, likely within the next week. A trial scheduled to begin Monday was canceled by U.S. District Judge Alan S. Gold, who set an Aug. 7 conference call to go over a proposed final agreement. ''The parties have reached an agreement in principle on the major issues,'' U.S. Justice Department tax attorney Stuart Gibson told Gold in a telephone conference Friday. ''There are some other issues that need to be resolved.'' Shares of UBS AG were trading at $14.59 midday Friday, up by 80 cents or almost 6 percent. The breakthrough came minutes before U.S. Secretary of State Hillary Clinton and Switzerland's foreign minister, Micheline Calmy-Rey, met in Washington to discuss the UBS case and related issues. Announcement of a deal was somewhat surprising, given that Gibson told Gold on Wednesday the two sides were far apart. In brief remarks to reporters at the State Department, Clinton and Calmy-Rey expressed pleasure at the agreement. ''There's been an agreement in principle,'' Clinton said. ''Our governments have worked very hard on this to reach this point.'' Calmy-Rey said she was ''very satisfied'' with the agreement but did not elaborate. But Swiss Foreign Ministry spokesman Lars Knuchel said the settlement bodes well for U.S.-Swiss relations, which have been strained by the tax case. ''I think it is in the interests of both countries to find a solution, to find a settlement and the simple fact that the two delegations and both governments have now in principal reached an agreement is a good example for the overall good relationship that these two countries share,'' Knuchel said. Originally the trial was to begin July 13, but Gold agreed to give all sides time to reach a settlement first. The case, in which the U.S. Internal Revenue Service is taking on centuries of Swiss banking secrecy tradition, involves some 52,000 U.S. taxpayers believed to be hiding about $15 billion in assets in UBS accounts. The IRS wants Gold to order the Zurich-based bank to turn over those names so it can collect taxes -- and so the Justice Department can prosecute them for tax evasion. UBS and the Swiss government, however, insist they cannot reveal the names without committing crimes in Switzerland. The Swiss have threatened to block disclosure even if Gold were to order the identities released to U.S. authorities. ''If all 52,000 names are turned over, it might end Switzerland as we know it as an international banking center,'' said Martin Press, a tax attorney with the Gunster law firm. ''So this is very important to the Swiss.'' The Justice Department indicated that any deal would have to include disclosure of some taxpayer names and would likely include a large penalty against UBS, which has some 34,000 employees and contract workers in the U.S. Raymond Baker, director of the Global Financial Integrity, an organization that works to end illegal international money transfers, said it's critical that U.S. officials push for greater information sharing so tax evasion and other financial crimes can be investigated. ''What happens with the UBS case will be noted around the world, but what will set a true precedent for tax havens around the world is what we do next,'' Baker said. Earlier this year, UBS admitted assisting U.S. citizens in evading taxes as part of a deferred prosecution agreement with the Justice Department. UBS agreed to disclose the names of about 300 American clients and pay a $780 million penalty. The IRS subsequently filed its case seeking the 52,000 additional names. So far, three UBS customers whose names were given to U.S. authorities under the prior agreement have pleaded guilty to tax charges in federal court. Hundreds of others with secret accounts at UBS and other Swiss banks have voluntarily come forward to the IRS under an amnesty program that requires payment of taxes and penalties but generally does not include the threat of prison. That amnesty program ends Sept. 23. ---------- Associated Press writers Robert Burns in Washington and Eliane Engeler in Geneva contributed to this story.

Miliki Way  # 6 | 31.07.2009 15:18

=I Love Nigeria;377417>UBS and the Swiss government, however, insist they cannot reveal the names without committing crimes in Switzerland. The Swiss have threatened to block disclosure even if Gold were to order the identities released to U.S. authorities. ''If all 52,000 names are turned over, it might end Switzerland as we know it as an international banking center,'' said Martin Press, a tax attorney with the Gunster law firm. ''So this is very important to the Swiss.'' You have to give it to the oyinbos. Dem sabi lie well well with big big grammar. Please pay particular attention to the bolded comments. What they meant to say is if the names are turned over, it might end Switzerland's reputation as LOOTERS DEPOT. This is a country that generates its revenue by acting as fence for thieves, rogues, tax evaders and people of questionable characters. No questions asked! If an individual does what this country is doing, they'll would have been sent to prison long long time ago. Yet this POS of a country is thriving on its nefarious activities and is not even listed on the Transparency International radar screen as the most corrupt country in the world. Don't ask me why.

valteena  # 7 | 31.07.2009 16:15

Why is it, that those who accuse us and proclaim publicly, the vapidity of corruption, are the same ones protecting the corrupt thieves and their plunder? Why is it, that those who are quick to scandalize Nigeria's name regarding corruption, are the same ones who are splendidly uninterested in being on Nigeria's side, in efforts to retrieve assets and resources which were stolen from Nigeria and stashed in their banks in America, Europe and Switzerland in particular? What explains this double standard? Nice piece again and very pertinent questions you raised. What else explains their double standard other than self interest. It is definitely not in the interest of Switzerland to jeopardise it economic mainstay for any moral principle

I Love Nigeria  # 8 | 12.08.2009 11:54

August 13, 2009 UBS and U.S. Report a Deal on Names in Tax Inquiry By LYNNLEY BROWNING http://www.nytimes.com/2009/08/13/business/global/13ubs.html?hp=&pagewanted=print The Swiss banking giant UBS and the Justice Department said Wednesday that they had reached an accord that would force the bank to disclose names of American clients suspected of tax evasion. “The parties have initialed agreements,” Stuart Gibson, a Justice Department lawyer who is trying the case, said in a conference call on Wednesday with the judge overseeing the matter. Mr. Gibson told Judge Alan Gold of Federal District Court in Miami that both sides would move next week to have the legal case dismissed and file court documents outlining the settlement. Mr. Gibson told the judge last week that he hoped a deal could be completed by Aug. 12. It is unclear how many client names UBS will ultimately reveal or whether it will pay a fine. UBS and the Swiss government have been fighting efforts by the Justice Department to force it to disclose the names of 52,000 wealthy American clients of UBS suspected of offshore tax evasion, which came in a civil lawsuit filed by the Justice Department in February. A number of wealthy Americans have approached the I.R.S. in recent months to disclose their offshore accounts, in exchange for reduced penalties. In addition, the efforts have threatened to erode Swiss banking laws and have shaken UBS, the world’s largest private bank. They have also escalated into a diplomatic incident between Switzerland and the United States. In February, UBS agreed to pay $780 million to settle charges that it helped wealthy Americans evade taxes on nearly $20 billion hidden in offshore accounts. One day later, the Justice Department filed a civil suit seeking to force UBS to disclose 52,000 client names. Of the names on the agency’s original list, prosecutors are focused on several thousand Americans with offshore accounts containing tens to hundreds of millions of dollars. UBS had fiercely resisted disclosure, arguing that doing so would cause it to violate Swiss banking laws. The Swiss government has said it would block UBS from turning over the names if ultimately ordered to do so, while the Justice Department has said that it might consider indicting the bank if it ultimately refused to do so upon a judge’s order.

I Love Nigeria  # 9 | 13.08.2009 11:50

http://community.nytimes.com/comments/www.nytimes.com/2009/08/13/business/global/13ubs.html?permid=20#comment20 20. AG Wilmette August 12th, 2009 1:19 pm I am disgusted that the US has agreed to settle with UBS. It would have been far better to have had a full legal trial with forced disclosure, and lengthy prison terms for the so-called financiers. To my mind, the Swiss bank secrecy laws are one of the most corrupting factors around in the world today, and I would like to see sanctions applied to Switzerland. The evil that this country represents far exceeds North Korea or any of the other "axis of evil" countries. How can a country where tax evasion is legal have any right to any self respect? Basically, Swiss laws amount to a brazen advertisement to tinpot dictators like the ex-Marcos of the Philippines and to Chief Embezzlement Officers like the ex-Ken Lay of Enron and drug lords that "Hey, come park your stolen money here! No questions asked!" How is this position any different from that of a fence who relies on selling stolen goods for a living? Recommended Recommended by 38 Readers http://community.nytimes.com/comments/www.nytimes.com/2009/08/13/business/global/13ubs.html?sort=oldest

I Love Nigeria  # 10 | 13.08.2009 11:50

http://community.nytimes.com/comments/www.nytimes.com/2009/08/13/business/global/13ubs.html?permid=50#comment50 http://community.nytimes.com/comments/www.nytimes.com/2009/08/13/business/global/13ubs.html?sort=oldest&offset=2 http://community.nytimes.com/comments/www.nytimes.com/2009/08/13/business/global/13ubs.html?permid=76#comment76 http://community.nytimes.com/comments/www.nytimes.com/2009/08/13/business/global/13ubs.html?sort=oldest&offset=4

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