Offshore Banks Help Americans Evade Taxes: Report

Law360, New York (July 18, 2008, 12:00 AM EDT) -- Bank secrecy laws and practices have served to shield and assist clients who deposit their money in offshore bank accounts and evade U.S. taxes, a U.S. Senate panel has found after investigating the workings of foreign banks LGT Group and UBS AG.

Based on the findings in its six-month, bipartisan investigation, a Senate Committee on Homeland Security & Government Affairs subcommittee has scheduled a hearing on tax haven banks for Thursday.

“It is simply unacceptable that some individuals are using offshore tax havens and secrecy jurisdictions...
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