REUTERS: US demands Credit Suisse release accounts

…some of us may find this pretty useful:

By Emma Thomasson

ZURICH | Sun Sep 4, 2011 6:48am EDT

(Reuters) – The United States has written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse and nine other banks face charges, newspapers reported on Sunday.

The letter, quoted by two Swiss Sunday papers, was sent by U.S. Deputy Attorney General James Cole on August 31 and demands detailed figures on tax evasion at Credit Suisse by Tuesday and also seeks information from nine other smaller Swiss banks.

In the letter, Cole demands that Switzerland quickly deliver a significant number of client accounts, the SonntagsZeitung reported, adding that U.S. authorities are also ready to examine a Swiss offer to settle the dispute.



The United States is pushing for Switzerland to hand over thousands more bank client names as it did last year when it allowed UBS to bend bank secrecy and reveal the details of around 4,450 clients to avoid criminal charges.

“They won’t be contented with less than in the UBS case,” former U.S. Justice Department investigator Peter Henning told the NZZ am Sonntag newspaper.

He added that the U.S. Internal Revenue Service felt betrayed because many UBS clients had shifted their assets to smaller Swiss banks rather than declaring them.

The SonntagsZeitung quoted Swiss sources close to the talks as saying Washington is seeking details of all U.S. clients with accounts worth at least $50,000 between 2002 and 2010 at banks including Credit Suisse, private banks Julius Baer and Wegelin as well as the Zurich and Basel cantonal banks.

That could imply tens of thousands of accounts, the paper said, far more than Switzerland could deliver under a double taxation agreement with the United States that it approved in 2009 but is still awaiting ratification by the U.S. Senate.

read more here:

About PlanetPrisoner

Christian, Patriot, Father, MacGyver, Pilot, Architect, Entrepreneur
This entry was posted in Uncategorized and tagged , . Bookmark the permalink.

1st Amendment honored here !

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.