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Pressure on Europe’s Tax Havens Driving Money to Asia, Middle East
By Brian Monroe
printInternational pressure on bank secrecy havens, including Switzerland and Lichtenstein, is prompting tax evaders to move their assets to Middle Eastern and Asian countries, say economic analysts. In the past year, U.S. and European efforts to unearth tax evaders have resulted in multiple tax information sharing agreements and monetary penalties, including a $780 million fine in February by the U.S. Justice Department against Swiss bank UBS AG. The United States has asked the bank to turn over information on its U.S. clients accused of using UBS accounts to skirt the IRS. The high-profile moves have spurred private banking clients to...
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