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Many Financial Institutions Likely Aiding Tax Evaders, Says Former Senate Attorney
printThe abuse of offshore tax havens-a topic that has made its way into international headlines in recent months-is the single biggest unresolved issue in financial compliance, according to Jack Blum, a lawyer at Cleveland, Ohio-based law firm Baker Hostetler. Just last month, the U.S. Senate Permanent Subcommittee on Investigations held a hearing, shepherded by Senator Carl Levin, accusing UBS and LGT Bank of helping their U.S. clients evade reporting billions of taxable dollars though the use of offshore accounts. As a result of the regulatory pressure, UBS agreed to end its offshore services to U.S. residents. While the numbers at...
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