Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Bank not giving up on offshore opportunities

May 4, 2009 by  

Bank not giving up on offshore opportunities A Swiss bank at the center of U.S. tax authorities’ investigation into secret offshore accounts has asked a U.S. court to reject demands by the IRS for confidential information about its American clients.

UBS plans to argue before a federal court in Florida that such a disclosure would violate Switzerland’s bank secrecy laws, according to media reports.

"Despite the clear historical record, the IRS now asks this court to force a Swiss financial institution and its employees, over the express objection of the Swiss government, to violate Swiss law by producing a massive quantity of confidential account information located exclusively in Switzerland," UBS said in its filing.

According to Reuters, under a 1996 treaty, Switzerland may turn over account data only on a reasonable suspicion of tax fraud. However, Swiss law does not view tax evasion as a crime.

The IRS is pursuing a civil lawsuit against UBS seeking access to data on 52,000 wealthy Americans it claims are hiding nearly $15 billion of assets in Swiss bank accounts.

The U.S. government’s crackdown on what it sees as tax havens was prompted by the financial crisis and the costly stimulus bill as well as several rounds of bailouts that need to be paid for.

It gathered steam after last month’s G20 summit in London where global leaders pledged cooperation in pursuing the matter.

ADNFCR-1961-ID-19152111-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Bank not giving up on offshore opportunities”

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.