Investigators for the US Congress are set to deliver a 100-page report today,
which will accuse UBS and Liechtenstein’s LGT Group of helping US clients avoid
billions in tax through the use of banking secrecy laws.
The report is understood to contain details of how the banks ‘colluded’ with
their clients, helping them to obscure their income from regulators. The banks
are believed to have known of their clients’ intent to hide their wealth from
the Internal Revenue Service.
The methods used to hide client money included holding wealth in the name of
a foundation, as well as counsel on the use of offshore structures and ‘transfer
corporations’ which disguised movement and transfer through LGT accounts, the
The report – which does not draw on any conclusion as to whether the banks
broke the law – comes amidst an international crackdown on wealthy individuals
who seek to hide their incomes in highly protected banking jurisdictions such as
It also suggests that the US Treasury loses $100bn (£50bn) annually to
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"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner