Assault on offshore assets begins
April 21, 2009 by Personal Liberty News Desk
The Justice Department has asked a federal court to allow the IRS to obtain information about taxpayers who use offshore accounts, and Swiss banks have announced they will be scaling down their discreet banking services.
Banks such as UBS are acting in response to the crackdown on tax evasion which has intensified since the recent G-20 meeting in London.
"UBS is currently conducting a review of its policy and compliance framework for its international wealth management offering," said the bank’s spokeswoman as she announced a worldwide travel ban for wealth management client advisors.
Meanwhile, The Department of Justice has asked a federal court in Denver to approve service of a John Doe summons on First Data Corporation.
"John Doe" summonses allow the IRS to obtain information about U.S. taxpayers whose identities are not yet known to help the authorities identify merchants who use offshore accounts to evade U.S tax liabilities.
"Some U.S. taxpayers are evading billions of dollars per year in taxes through the use of offshore accounts," says John DiCicco, acting assistant attorney general for the Justice Department’s Tax Division.
"The Department of Justice will ensure that the IRS obtains all the necessary information to identify these taxpayers, whether they are individuals or businesses," he adds.
Despite this, representatives of the so called ‘tax havens’ gathered at the Summit of the Americas in Trinidad have vowed to lobby President Obama against the crackdown.