The Federal government, which hates being denied tax revenues, is going after three Swiss bankers for conspiring to hide almost $1.2 billion from the Internal Revenue Service.
Federal authorities said the bankers worked as client advisers at the Zurich branch of a bank they identified only as “Swiss Bank A.” They said the men conspired with U.S. taxpayers and others to hide the existence of Swiss bank accounts and the income they generated from the IRS.
Federal authorities claim the men engaged in the conspiracy in 2008 and 2009 following reports that the IRS was investigating UBS AG and another large international Swiss bank for helping U.S. taxpayers evade taxes, according to Reuters.
Swiss banks, which have a longstanding practice of offering clients secrecy, have come under steady attack by U.S. authorities, highlighted by the probe into banking giant UBS which led to a deal between U.S. and Swiss authorities, reports Agence France Presse.
U.S. authorities, who suspect that tens of thousands of Americans have been using Swiss banks to avoid paying billions of dollars in taxes, are investigating scores of Swiss banks and international banks with Swiss operations.
Separately, the U.S. Department of Justice is conducting criminal probes of 11 banks, either Swiss or global with major Swiss operations.
The investigations, an outgrowth of scrutiny of UBS, are focused on Credit Suisse AG, HSBC Holdings Plc and Basler Kantonalbank, among others…
What duty do foreign bankers owe to the IRS? Not like Columbian drug lords importing drugs into the United States.
The only upside is that the Feds could tax 100% of all income and actually somehow manage to collect.... and still go bankrupt.