Swiss Banks: Demands By America & Nigeria

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]

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]

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]

...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]

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...gewanted=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]

Originally Posted by I Love Nigeria

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]

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]

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/bu...gewanted=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]

http://community.nytimes.com/comment...d=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

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[I Love Nigeria]

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[I Love Nigeria]

August 18, 2009
U.S. Says Targeting 150 UBS Clients For Tax Evasion
By REUTERS
http://www.nytimes.com/reuters/2009/...gewanted=print
Filed at 1:45 p.m. ET

MIAMI (Reuters) - The United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information.

U.S. prosecutors gave their first official confirmation of the initial number of criminal investigations in a filing on Tuesday with a federal court in Fort Lauderdale, Florida.

In the same court document, the prosecutors requested a sharply reduced prison sentence for ex-UBS banker Bradley Birkenfeld, a key informant in the ongoing U.S. prosecutions of wealthy American clients of UBS.

The request was made a day before U.S. and Swiss authorities were due to announce details of a negotiated settlement of their legal dispute over access to further names of UBS clients suspected of cheating U.S. tax collectors.

In the court filing, prosecutors said evidence provided by Birkenfeld had been critical in obtaining information from UBS that directly led to the investigations into the more than 150 Americans "who are believed to have concealed income and assets at UBS" from U.S. tax authorities.

Citing the settlement, due to be finalized on Wednesday, the filing said: "It is expected that ... UBS will produce the identities and account information of additional UBS customers who are believed to have violated United States law."

A U.S. legal source told Reuters on Monday that UBS was expected to give U.S. authorities the names of about 5,000 more Americans suspected of using the Swiss bank to evade taxes.

In the court filing, prosecutors said Birkenfeld, a U.S. citizen who will be sentenced on Friday, had faced up to five years imprisonment after pleading guilty in June 2008 to helping a U.S. billionaire hide $200 million in assets from U.S. tax authorities.

The prosecutors asked that Birkenfeld's sentence be cut to 2-1/2 years imprisonment, citing his cooperation in efforts to uncover what they called a "multibillion-dollar scheme to defraud the United States."

UBS first became the target of U.S. probes in 2007 when Birkenfeld first began cooperating with U.S. authorities and helped them start building criminal and civil complaints against the bank and its customers.

(Reporting by Tom Brown; Editing by Pascal Fletcher, Maureen Bavdek and Tim Dobbyn)

[I Love Nigeria]

The continuing saga between Swiss Bank & the United States demands.
Nigerians should watch for the reverberations/implications and ramifications of the resolution of this scuffle.

Here is an update.

http://www.nytimes.com/2009/08/20/bu...gewanted=print

August 20, 2009
Under Agreement, UBS to Give Up Over 4,000 Names
By LYNNLEY BROWNING
http://graphics8.nytimes.com/images/...l/20ubs600.jpg

The Swiss banking giant UBS on Wednesday reached a final deal with the Justice Department and the Internal Revenue Service in which it will ultimately disclose names and account details for more than 4,450 wealthy Americans suspected of tax evasion.

Details of the settlement were unveiled Wednesday by the I.R.S. commissioner, Douglas Shulman.

The agreement, he said, also allows the Swiss government to work with other Swiss financial institutions to disclose the identities of other Americans who have hidden money offshore.

UBS will notify the clients whose names are to be disclosed in coming weeks, Mr. Shulman said. Clients still have time to reveal themselves before a voluntary disclosure program ends Sept. 23 to potentially avoid prosecution and steeper penalties and fines, he said.

Scores of Americans have come forward in recent months to disclose their secret accounts to the I.R.S. That group of people, along with the “thousands” of names Mr. Shulman said that UBS would disclose, brings the total of UBS-related names to be disclosed to the I.R.S. to more than 5,000. The accounts at one point held over $18 billion, he said.

“These are the accounts we most wanted,” Mr. Shulman said. But he said the United States government retained the right to resume its legal efforts to force banks to turn over names.

The settlement marks a turning point in a closely watched battle between UBS, the world’s largest private bank, and federal prosecutors and tax investigators who suspect it of selling tax evasion services to tens of thousands of wealthy Americans.

The landmark settlement peels back layers of Swiss banking secrecy, and is expected to provide a road map for the authorities as they try to crack down on tax evasion by Americans who, through private banks and other Swiss-based financial intermediaries, use offshore accounts that go undeclared to the I.R.S.

The agreement “will result in us receiving what we wanted all along,” Mr. Shulman said. He said the I.R.S. would receive “a unprecedented amount of information on taxpayers” who evade taxes by hiding money offshore through UBS.

“There is no mere keyhole into the world of bank secrecy,” he said, but instead represents “a major step forward in piercing the veil of bank secrecy.”

Eveline Widmer-Schlumpf, the head of the Swiss federal justice department and police, said at a press conference in Bern on Wednesday that Switzerland was “happy” and “relieved” about the outcome of the two months of negotiations. The agreement avoids a conflict between the sovereignty of Switzerland and that of the United States, and ends a threat to the existence of UBS and any consequences for Switzerland as a financial center, she said.

“We are convinced that the agreement is a good solution and the only solution,” Ms. Widmer-Schlumpf said. The settlement does not rule out any possible lawsuits against individual UBS employees, she said.

Switzerland has 370 days to examine the accounts of the 4,450 clients and plans to allocate about 70 lawyers and accountants to the task. The effort will cost the government about 40 million Swiss francs, or $37 million, said Hans-Rudolf Merz, the Swiss president and finance minister. Mr. Merz called on other Swiss banks to stick to the law and regulations in light of the UBS case.

The settlement brings to a close a civil case filed by the Justice Department, on behalf of the I.R.S., in February against UBS that sought to force the bank to turn over the names and account details of 52,000 American clients. UBS fiercely resisted that effort, arguing that it violated Swiss financial secrecy laws, as it lobbied senior Washington officials.

That month, UBS paid $780 million to settle criminal charges that it helped American clients evade taxes on nearly $20 billion stashed in offshore accounts. UBS turned over approximately 250 client names as part of that deal, and will turn over more in coming months. Some 150 Americans are under criminal investigation for tax evasion as part of the investigation.

Julia Werdigier contributed reporting.

[I Love Nigeria]

http://community.nytimes.com/comment...153#comment153

153.
Arvend
MI
August 19th, 2009
3:33 pm

Here's the deal, most of the 48000 will come forward and give the Feds a lot of new information on how these tax evasion schemes work and with every person coming in, the jigsaw gets more complete for the Feds. The compromise is in the interests of the two nations greater relationship.

Bank secrecy is an existential element of Swiss commerce and the Swiss government was prepared to sieze all of UBS's Swiss assets to give it Sovereign Immunity. If that happened, the US government would have faced the destabilizing spectre of seizing UBS assets in the US banking system.

No matter how just, it would have hammered confidence in the US and undermined the dollar. People have been accumulating Swiss-linked US-based assets for more than a century; a panic by a small number of them would cost this country $18 billion in a couple of minutes. Sensible move by the Obama administration to meet the Swiss half-way on this. They still get to prosecute 4,000 of the most egregious offenders.

[I Love Nigeria]

UBS: New Treaty Request Instead Of Unilateral Action

Bern, 19.08.2009 - Agreement between Switzerland and the USA enters into force In the UBS case, the United States will submit a new treaty request to Switzerland and will withdraw the John Doe summons that demands disclosure of the identity of 52,000 UBS account-holders. In return, Switzerland has undertaken to process the new treaty request, concerning approx. 4,450 accounts, within a year. These are the terms of the agreement between Switzerland and the USA to settle the looming conflict between the two nations' legal systems.

The agreement was signed today in Washington and entered into force immediately. It states that the United States will refrain from unilateral information-gathering measures that infringe Switzerland's sovereignty and rule of law. In particular, the USA will immediately withdraw the enforcement action relating to the John Doe summons against UBS that remains pending before the competent court in Miami. It also undertakes not to seek any further enforcement of the summons. The civil case in the US will remain pending for the time being to prevent any future claims expiring under tax law. It will nonetheless be finally and completely withdrawn in stages no later than 370 days from the date the agreement was signed.

Framework For Action Determined
The US tax authority, the Internal Revenue Service (IRS), will submit a new treaty request to the Swiss Federal Tax Administration (SFTA) on the basis of the tax treaty currently in effect between the two nations. The new request will draw on certain criteria in a framework for action that allows cases of "tax fraud and the like" to be identified in the case of UBS within the confines of applicable Swiss law and judicial practice. Some 4,450 accounts fall within this framework. The precise criteria are laid down in an annex to the agreement. At the request of the United States, the annex will not be published until 90 days after the agreement has entered into force to ensure the IRS voluntary disclosure program runs smoothly.

Serious Tax Offences Also Covered By Treaty Request
According to the tax treaty currently in place, the term "tax fraud or the like" is not restricted to conventional forms of fraud involving falsified documents or schemes of lies. Information may also be obtained with regard to serious tax offenses, specifically the continued evasion of large sums of tax. Under applicable law and the latest practice of the Swiss Federal Administrative Court, in dealings with the USA account information may also be released - through treaty request channels - even if the IRS does not yet know the name of the bank client concerned when it submits its request.

Project To Ensure Faster Handling
The SFTA will set up a project infrastructure to accelerate handling of the new treaty request. The project will involve around 30 specialists from an audit firm and some 40 lawyers and tax specialists recruited from within the federal government. These lawyers and experts bear sole responsibility for key sovereignty-related tasks, specifically the rendering of final decisions.

Under the terms of the agreement, the SFTA must issue final decisions on the first 500 cases within 90 days of the request being received. It has 360 days in total to make a final decision on whether the requested information may be issued in each of the 4,450 cases. UBS must make the account information covered by the treaty request available and prepare it for processing by the SFTA. This is the subject of a separate agreement between UBS and the IRS. The privacy of all of the persons concerned remains protected under the law, and they may contest the SFTA's final decisions before the Federal Administrative Court.

Regular Consultations
In an effort to build trust, the agreement provides for joint quarterly meetings to assess progress and identify and resolve any emerging problems at an early stage. Either party may also request further consultations on the implementation, interpretation or application of the agreement at any time. In addition, immediate consultations on appropriate measures may be requested if it appears that one of the parties is unable to fulfill an obligation on time or at all. If the actual results of the program fall significantly short of its targets after 370 days, both parties may take proportionate rebalancing measures to restore an equitable distribution of rights and obligations under the agreement. The United States government might, for example, delay the final withdrawal of its John Doe summons.
Adresse für Rückfragen:
Agreement:
Folco Galli, Federal Office of Justice, tel. +41 31 322 77 88
Implementation of agreement:
Beat Furrer, Swiss Federal Tax Administration, tel. +41 31 324 91 29
Editor:

Federal Departement of Justice and Police
Internet: http://www.ejpd.admin.ch
Federal Department of Finance
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[I Love Nigeria]

The New York Times
The New York Times Editorial on Swiss Banks and America.... 8/22/2009 ... I wish that this is not limited to tax evasion issues... it should include money laundering, money, from illegitimate sources... money from narcotics trade, human trafficking, money which is from corruption, and theft of public resources. Money which may also finance militants and extremists and or terrorists etc... and not just about tax evasion! _ILN

August 22, 2009
Editorial
If Switzerland Can ...
http://www.nytimes.com/2009/08/22/opinion/22sat1.html
Editorial: UBS Tax Havens


At a time when money can flow halfway around the globe in an instant, international tax evasion has become a major threat to government finances in countries big and small — putting the income of wealthy evaders out of sight and beyond the reach of their tax authorities.

The deal struck between the United States and Switzerland last week to provide the names attached to 4,450 secret accounts held by Americans at the Swiss banking giant UBS is a blow for fairness. If Switzerland lives up to its commitment, it may well be a watershed: the beginning of the end of international tax cheating.

The deal promises to move Switzerland — whose banks are estimated to control a third of the multi-trillion-dollar market in private wealth management — out of the tax refuge business. It sends a warning to other such havens, and their banks, that if they don’t get out, the United States will come after them, too.

Switzerland didn’t do this willingly, of course. It caved after UBS was caught offering to help Americans hide their money. The bank agreed to pay $780 million in fines and restitution. And the Swiss government was suddenly in a more compliant mood.

American and Swiss officials have jointly agreed to a system to identify 4,450 accounts — out of 52,000 — that are most likely to have been set up to evade taxes. The Internal Revenue Service estimates that at their peak these accounts held $18 billion. American officials are keeping secret the criteria used to identify these accounts — hoping that nervous evaders will turn themselves in voluntarily before a September deadline to get a reduced fine and avoid criminal prosecution.

Yet what is most significant is that the Swiss are handing over any information at all. A year ago, they argued that providing any of the desired names to the I.R.S. amounted to a breach of bank secrecy law.

The deal is not perfect. Washington must still make formal requests for the names to the Swiss authorities under the terms of a bilateral tax information exchange treaty. And each account holder can appeal the decision to a Swiss court before the holder’s name is handed over.

The Swiss government is insisting it will cooperate. And if the names are not handed over expeditiously, the I.R.S. can reopen its suit in federal court to get the names of 52,000 account holders. If UBS resists, it could end up facing criminal charges.

There is a growing international backlash against tax evasion. The Tax Justice Network, a research and advocacy organization, estimates there are $11.5 trillion in global assets hidden in offshore havens. In recent months, dozens of formerly uncooperative sanctuaries from Singapore to Lichtenstein have rushed to sign on to new multinational norms on information sharing.

More needs to be done. Congress should pass the tax-evasion legislation that was wrapped into the 2010 budget proposal. It would entitle the I.R.S. to demand that foreign banks doing business here disclose information about their American account holders and withhold the appropriate taxes. If they didn’t, the I.R.S. would be entitled to automatically withhold income taxes on payments into those accounts.

More international cooperation is needed to determine standards of compliance with newly devised tax information exchange agreements and police them. And pressure should be brought on recalcitrant countries like Panama. If Switzerland can be persuaded to get out of the tax haven business anyone can.

Copyright 2009 The New York Times Company

[I Love Nigeria]

http://online.wsj.com/article/BT-CO-...23-712067.html


SEPTEMBER 23, 2009, 3:55 P.M. ET
2ND UPDATE: US And Switzerland Sign Revised Tax Treaty
(Updates throughout to add more background, details on agreement.)

WASHINGTON (Dow Jones)--U.S. Treasury Secretary Timothy Geithner signed Wednesday an updated taxation treaty with the Swiss government, a move the U.S. hopes will help it combat offshore tax evasion by U.S. citizens.

The treaty, signed by Geithner and Switzerland Ambassador Urs Ziswiler, provides the U.S. Internal Revenue Service with greater access to information on U.S. account holders at Swiss banks. However, the U.S. must be able to clearly identify the suspected account holder, along with the Swiss bank, according to details the Swiss Finance Ministry released earlier this week.