Personal Liberty Digest™ will be upgraded this weekend to reflect a dynamic new look and mobile-friendly viewing to enhance your experience! Plus, we'll be providing even more of the compelling content you've come to expect, delivered in a whole new way!

  Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Assault on offshore assets begins

April 21, 2009 by  

Assault on offshore assets begins 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.

ADNFCR-1961-ID-19132455-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Assault on offshore assets begins”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.