Switzerland, Tax Evasion | featured news

For decades, Switzerland was the place where money went to hide. Cash sent to its mountain aeries was protected by some of the strictest secrecy laws in the world.

The Internal Revenue Service on Tuesday disclosed the criteria being used by the Swiss banking giant UBS to select names of American clients that will be turned over to the agency as part of a settlement of a tax evasion case.

OECD confirms the country will go off their grey list following the signing of a 12th agreement on Thursday.

U.S. regulators will receive the names as part of an investigation of Americans avoiding taxes through the use of offshore accounts.

Negotiators initial settlement that averts legal showdown over U.S. government's landmark challenge to Swiss bank secrecy, lawyer says.

Reuters - Switzerland's UBS will not have to pay a fine as part of the settlement of a tax evasion dispute with the United States, two Swiss newspapers reported on Sunday.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The government said it would seize the bank’s client data, which U.S. authorities have demanded to settle a tax case.

The Swiss government says it will cooperate on cases of international tax evasion, breaking with a long-standing tradition.