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Article: Bank agreement expected to scare US tax dodgers
- Article from:
- AP Online
- Article date:
- August 20, 2009
- Author:
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An agreement by a major Swiss bank to disclose the identities of thousands of Americans suspected of hiding assets has U.S. tax advisers bracing for a stampede of wealthy tax dodgers looking to come clean.
The U.S. and Switzerland finalized an agreement Wednesday in which the Internal Revenue Service will receive details on 4,450 UBS AG accounts suspected of holding undeclared assets from American customers.
The agreement pierces Switzerland's famed tradition of banking secrecy, and is expected to prod thousands more UBS clients in America to voluntarily disclose their financial details to the IRS, lest they be pursued later.
"What this does is creates an overwhelming ...