Reenita Malhotra
I.R.S. Commissioner Doug Shulman warned U.S. taxpayers hiding money overseas that it was time to come clean with Uncle Sam.
This is what was implied by the Obama-Biden Presidential Campaign. Too bad that many of President Obama’s team of advisers, initially touted for its wealth of experience and qualifications, have come under the radar for this very “unamerican” activity. Nancy Killefer nominated for chief performance officer, Treasury Secretary Timothy Geithner and health czar-designee Tom Daschle are all examples.
In the Vice-Presidential debates, Jo Biden had also hinted that Americans with money abroad were “unamerican.” What he implied was not merely the fact that they had money abroad but that it was stored in undeclared bank accounts and that they did not pay tax on interest earnings.
Switzerland has historically been a tax haven for Americans (and citizens of other nationalities) however this is about to come to an end as UBS, the largest bank in Switzerland, has agreed “to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. The bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.” (New York Times)
Unlike in the United States, tax evasion is not a criminal offense under Swiss law. UBS’s offshore private banking business once employed private bankers in Lugano, Zurich and Geneva who referred clients to lawyers and accountants who set up secret offshore entities to conceal assets from the I.R.S. The bank has admitted that it urged some American clients to destroy paper trails to assets purchased with money hidden offshore in safe deposit boxes in Switzerland and encouraged them to use Swiss credit cards so the I.R.S. could not track purchases.
I.R.S. Commissioner Doug Shulman warned U.S. taxpayers hiding money overseas that it was time to come clean with Uncle Sam.
“People who have hidden unreported income offshore need to get right with their government. They should come forward and take advantage of our voluntary disclosure process,” Shulman said.
A voluntary disclosure does not necessarily get you completely off the hook because it does not automatically guarantee immunity from prosecution. However, it might result in avoiding prosecution. This practice does not apply to taxpayers with illegal source income.
Click here for more information about the I.R.S.’s Voluntary Disclosure scheme.
Image Credit: www.hurleypalmerflatt.com
Pictet & Cie.- claim they are the “Rolls Royce”of swiss banks.
Swiss Banks or more correctly Swizz banks.
Swizz. —- “ a great disappointment.” or a “ fraud.”
Fraud. —“ an intentional deception or dishonesty.”— “a crime.”
Crime. —“ an act committed or omitted in violation of a law.”
Serious Crimes .
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.
The Establishment “ Cover up crimes”.
The ‘Doyens’ of the establishment.’ ( Ivan Pictet and Monty Raphael.)
Ivan Pictet.
Managing partner in Pictet & Cie Bank .— Switzerland.
President of the Geneva Financial Centre.
World Bank.committee member.
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum.
Member of the Henokiens.
Blackstone Group — Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.
Monty Raphael.
Quote.” —- Doyen of U.K. Fraud lawyers.
Consultant & Head of Fraud and Regulatory Dept.
Member of Board of Directors of the Fraud Advisory panel.
Member of the Law Society of England & Wales.
International Bar Association Member.
Past President—London Criminal Court Solicitors Association.
Past Chairman —of Anti Corruption Committee.
Founder of Business Crime Committee of the International Bar
Association.
Pictet & Cie Bank & Peters & Peters.
The bank and it’s officials deliberately withheld crucial documents requested under a High Court order.The bank and it’s officials deliberately withheld evidence from the Police , and one of it’s account managers Susan Broadhead gave a false witness statement to the police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.)concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.)sought to have numerous documents destroyed,along with those copies held in their London office of P.A.M. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael – and the barrister Charles Flint.Q.C.) –later had to admit in Court that the documents were genuine.
(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)
(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .
(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .
(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).
(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .
(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.
(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
*** We thank —David Cameron. M.P. ( Canary Wharf Speech.) Dec. 2008.
(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A. and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever is
involved ,however high or well connected they may be.
Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.
Full Story.
Go to search box on “Google” and insert ( Ivan Pictet / Monty Raphael) or
insert ( Pictet & Cie / Monty Raphael.) – – then try it on “Yahoo”.
Or try (Jack Loach/ Ivan Pictet.)
Swiss Banks.
& other offshore banking countries.
Secrecy.—–. Secret numbered accounts.
The benefits to the bank are far greater than the benefits to the client .
The funds are easy to deposit but very difficult to withdraw.
You can/might be paid the interest accrued but don’t ask for the capital.
This type of banking facilitates crime. ( a place to hide criminally obtained monies.)
Category.
A. Drug Trafficking , Arms Dealing. International Fraud.
B. Organized Crime. Serious Fraud .
C. Tax Evasion . ( Income Tax – V.A.T—Corporation tax. Etc.
60% of the funds held in these banks fall into Categories A & B.
20% of the funds held in these banks fall into Category C.
_______________________
If you have monies in one of these banks. ( either legal or illegal monies.)
Remember. ( do not die.)
Even if you have told your wife about your “secret account.” or your children , or solicitor ,or left documents with your Will , it is impossible for them to claim the monies from that account. ( clever these banks.)
Do you recall. ( Don Johnson— in TV Show . Miami Vice.)
In 2003 he and three associates were sent by American Business Organisations to withdraw £,6.000,000,000. ( six billions.) from the accounts they had in Swiss Banks. (in bonds- securities etc.)
I wonder how the police on the Swiss border knew to stop their particular car that day after they had been to the Swiss banks . They were searched and arrested. Don and his friends made a mistake . They should not have asked for their monies back from the Swiss Banks.( clever these banks.)