U.S. Chases Swiss Bank Secrets to Singapore and Israel
Dozens of banks signed amnesty agreements disclosing tactics, providing prosecutors with valuable information
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At a rate of one or two a week, Swiss banks are doing what was once unthinkable: revealing to the world how they helped wealthy Americans cheat on their taxes.
Once bastions of secrecy, 41 Swiss banks signed amnesty agreements this year with the U.S. Justice Department that required disclosing the tricks they used to help customers hide assets, naming bankers and middlemen who enabled them and detailing the flow of untaxed money. They’ve also prodded thousands of reluctant Americans to disclose accounts hidden from the Internal Revenue Service.