DOJ Targets 8 Banks In Offshore Tax Shelter Crackdown

Law360, New York (September 20, 2011, 10:47 PM EDT) -- The U.S. Department of Justice on Tuesday said it had launched grand jury investigations into eight offshore banks around the world as part of an ongoing effort to crack down on offshore tax shelters.

Armed with U.S. account holder information handed over by UBS AG as part of its $780 million settlement with the DOJ, the agency has also taken aim at citizens hiding money in secret offshore accounts.

So far, 150 grand jury investigations of offshore-banking clients have been opened which have resulted in 24...
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