Cash in UBS’s Swiss vaults? Please — that’s so 1995.
Try a Liechtenstein foundation that serves as an umbrella for a Panamanian or Hong Kong corporation. Now that’s preserving capital.
The U.S. case against UBS for helping Americans evade taxes is showing just how sophisticated the Swiss bank’s advice was.
Wall Street Journal: On Friday, John McCarthy, a UBS client in California, agreed to plead guilty to one count of failing to file an annual report to the Treasury Department. A document filed with the plea shows the tax scheme relied in part on channeling funds to a Swiss UBS account held in the name of a Hong Kong entity, the second time accounts in the Asian financial hub have figured in these cases.
The Hong Kong link is important because the Justice Department and Internal Revenue Service are apparently using that as a clue of wrongdoing as they plow through some 250 names that UBS turned over to the U.S. government, say people familiar with the Justice Department probe. The bank handed over the names as part of a criminal settlement it agreed to in February. Read the whole thing >
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