Source: Financial Times
US Congressional investigators will on Thursday accuse UBS and Liechtenstein’s LGT Group of using the “cloak of bank secrecy laws” to help American clients evade billions of dollars in taxes. A 100-page report to be released by the Senate permanent subcommittee on investigations details allegations about how the banks “colluded” with US clients to help them shield taxable income from regulators even though they knew their clients were seeking to hide from the Internal Revenue Service. The report - which offers no conclusion on whether the banks broke the law - comes as regulators worldwide have ramped up efforts to crack down on tax havens. The report estimates the US Treasury loses $100bn (€63bn) annually to offshore tax abuses.
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