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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.