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Nearly a Year into Bank Secrecy Crack Down, Little Progress Seen
By Colby Adams
printInternational efforts to crack down on bank secrecy abuse remain stymied, with few tax evaders opting to move their money out of traditional European and offshore tax havens, according to analysts. The stasis is in spite of an April statement by Group of 20 leaders that "the era of banking secrecy is over" and the high-profile wrangling between the U.S. Justice Department and UBS AG to turn over the names of at least 52,000 possible tax evaders. The Swiss bank agreed in August to turn over the information on 4,450 of the suspect accounts. The United States is one among...
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