FinanceAsia.com, 20 Feb 2009, Lara Wozniak
The US government's effort to catch every tax dodger out there -- from potential cabinet appointments in the Obama White House to high earners who thought they were avoiding taxes through loopholes -- may end up pushing some foreign private bankers off its shores.
On Wednesday, Switzerland's largest bank, UBS, agreed to pay $780 million in fines, identify certain US clients and put an end to tax shelters in a settlement with federal authorities over accusations that the bank helped nearly 17,000 Americans evade taxes. The clients had combined assets of $20 billion, according to the department of justice (DOJ).
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