Tax Cheat Whistleblowers Get Their Rewards Trimmed
The IRS still wants your help catching tax cheats, and they're still willing to pay for it. But thanks to the sequester, being a whistleblower won't be quite as rewarding.
Swiss banks
Accused 'Master Fraudster' Goes on Trial for $2.3 Billion UBS Loss
A senior trader at the Swiss bank UBS was a "master fraudster" who lost his bank $2.3 billion, imperiling its very existence, through risky deals and deceit in a bid to improve his status, bonus and job prospects, prosecutors said Friday.
IRS Drops Tax Case Against UBS and Swiss Government
The IRS has stopped its investigation into tax evaders holding money in UBS accounts after reaching a settlement with the bank and the Swiss government.
UBS, Credit Suisse Face Tougher Capital Rules
UBS and Credit Suisse Group will have to almost double their capital holdings because Switzerland has set out to further tighten the reins on its megabanks, requiring them to hold capital well in excess of the new Basel III rules.
Germans Raid Credit Suisse in Tax Evasion Probe
German prosecutors raided all 13 Credit Suisse branches in the country on Wednesday as part of a probe into tax fraud. Earlier this year, German authorities acquired information on some 1,500 Credit Suisse customers who may have been using the Swiss accounts to avoid paying taxes.
Legal Briefing: U.S. Targets More Rich Tax Cheats
Now that they are nearly done squeezing Swiss bank UBS for information about its wealthy tax-dodging clients, the IRS and the Justice Department are moving on to new tax fraud targets: Clients of London-based bank HSBC Holdings, mostly those with ties to India and Singapore.
UBS's Wealthy Clients Take Their Money and Run
With pressure rising on Swiss bank UBS to reveal information about tax evaders, many private banking clients are moving their assets elsewhere. But with governments gaining information from panicky amnesty-seekers and data-stealing whistle-blowers, it's likely to get a lot harder to find a good tax haven.
