2009’s Top Financial Fraud Law Issues: #9 – The Feds, UBS, And Tax Abuse

For much of this past year, the U.S. government pressured Swiss bank UBS and the Swiss government to turn over information on U.S. holders of UBS bank accounts. The feds believed that some – actually, a lot – of those account holders were avoiding U.S. taxes. 

Several months ago, the bank agreed to turn over to the U.S. information on thousands of its U.S. customers. Thereafter, the U.S. announced a voluntary disclosure program – and more than 14,700 individuals decided to come forward to report previously-undisclosed foreign bank accounts.
 
The government is continuing its investigation, and more is likely to happen next year. But we think the comment by Deputy Attorney General David Ogden (who has since announced that he is going back to private practice) says it all: “The message to American taxpayers is clear: the era of bank secrecy and hidden assets is over. We will continue to work closely with the IRS and our international partners to ensure that our tax laws are enforced fully and fairly, and that the rule of law is vindicated.”
 
In our view, this is the 9^th most important Financial Fraud Law issue of 2009.
 
For background, see http://www.financialfraudlaw.com/content/breaking-news-ubs-turn-over-info-more-4000-accounts-us-government,http://www.financialfraudlaw.com/lawblog/remember-ubs-settlement-so-do-more-14700-taxpayers/500,and http://www.financialfraudlaw.com/lawblog/and-those-who-are-not-among-14700-who-came-forward-should-have-irs-looking-you/501.