Swiss banks to settle on tax evasion scam

Oct. 24 Bloomberg -- Swiss banks will likely settle a sweeping U.S. probe of offshore tax evasion by paying billions of dollars and handing over names of thousands of Americans who have secret accounts, according to two people familiar with the matter. Erik Schatzker reports on Bloomberg Television's "InsideTrack." 

This scandal broke a couple of years ago when the US government uncovered a UBS banks tax evasion scam that was operated by Swiss bankers with encrypted laptops who traveled to the US periodically.  UBS revealed some of the names of the US nationals involved in the tax evasion scheme, but news articles suggested that the tax scams involved 50,000 to 60,000 Americans.

Tax evasion is a serious offense with a 10-year sentence. IRS will probably give offenders an opportunity to settle as they did when the first bank list of tax evaders came out. Banks in other countries such as Lichtenstein were also involved in the scandal.

Source: Bloomberg

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