Tag Archive for Julius Baer

DOJ Continues To Prosecute Offshore Bankers Who Have Aided Taxpayers To Avoid US Taxes!

Businessman in suit and handcuffs

Bloomberg News reports that federal prosecutors in Manhattan filed an expanded indictment Wednesday against former Wegelin & Co. bankers Roger Keller, Urs Frei and Michael Berlinka.

On Wednesday, August 28, 2013 we posted U.S. Turns Up The Pressure On Swiss Banks! where we discussed that thousands of Swiss bank workers have seen their data handed over to justice authorities in the United States and are now living with a considerable amount of uncertainty.

Now three Swiss bankers accused in 2012 of helping Americans hide more than $1.2 billion from the U.S. Internal Revenue Service face new charges of obstructing the Read more

Julius Baer Banker Charged With Leaking Cayman Islands Client Information

Dollar Sign Island

The Swiss authorities have charged former Julius Baer banker Rudolf Elmer with contravening banking secrecy laws. Elmer is alleged to have leaked details of Cayman Islands client accounts via WikiLeaks between 2007 and 2011, long after he left the bank’s Cayman division.

He is also charged with offering bank account data to Germany’s finance ministry.

“Elmer sees himself as a whistle-blower,” prosecutor Peter Giger said by telephone. “He has a message he wants to bring across. I am convinced he broke the law in trying to do that.”

Countries including the U.S. and Germany have used testimony from former Swiss Read more

Swiss Banks To Turn Over Information To IRS!

iStock_Swiss-Bank-VaultXSmallThe Swiss government has cleared the way for a dozen banks to turn over client data to the IRS despite an earlier ruling from Switzerland’s Federal Supreme Court.

Although the IRS pushed the implementation of certain FATCA key deadlines from January 1st to July 1st, 2014, as we posted in IRS Delays FATCA Registration for Six Months, several Swiss banks are ready to turn over their records over to the IRS.

The Swiss Federal Court has dismissed protests by American clients of Credit Suisse that their account data should not be disclosed to the US Internal Revenue Service (IRS).

The IRS and Justice Department have become very adept at finding unreported offshore accounts. By targeting banks and individual bankers, the IRS is often able to leverage the threat of jail in return for cooperation and the release of customer records. The IRS also has several other tools in its arsenal.

On Tuesday, June 18, 2013, we posted DOJ Requests Identification of US Depositors in Bank Weglin – Time To Come Clean? where we discussed that the US Department of Justice has submitted another administrative assistance request to the Swiss authorities, this one demanding the identification of American clients of the private bank Wegelin who were beneficiaries of asset management companies between 2002 and 2012. Read more