HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Good Reads (Forum) » Swiss bank Wegelin to clo...
Introducing Discussionist: A new forum by the creators of DU

Fri Jan 4, 2013, 12:10 PM

Swiss bank Wegelin to close after guilty plea

(Reuters) - Wegelin & Co, the oldest Swiss private bank, said on Thursday it would shut its doors permanently after more than 2 1/2 centuries, following its guilty plea to charges of helping wealthy Americans evade taxes through secret accounts.

The plea, in U.S. District Court in Manhattan, marks the death knell for one of Switzerland's most storied banks, whose original European clients pre-date the American Revolution. It is also potentially a major turning point in a battle by U.S. authorities against Swiss bank secrecy.

A major question was left hanging by the plea: Has the bank turned over, or does it plan to disclose, names of American clients to U.S. authorities? That is a key demand in a broad U.S. investigation of tax evasion through Swiss banks.

"It is unclear whether the bank was required to turn over American client names who held secret Swiss bank accounts," said Jeffrey Neiman, a former federal prosecutor involved in other Swiss bank investigations who is now in private law practice in Fort Lauderdale, Florida.

http://www.reuters.com/article/2013/01/04/us-swissbank-wegelin-idUSBRE9020O020130104

0 replies, 423 views

Reply to this thread

Back to top Alert abuse

Reply to this thread