The Crackdown Continues: More Offshore Banks Being Targeted in Israel, Singapore
Offshore Account UpdatePosted on February 26, 2016
Banking privacy used to be revered in Switzerland, but the U.S. crackdown on Swiss banks has prompted more than 106 Swiss financial institutions to turn over detailed information on account holders and financial transactions. These financial institutions have been participating in the Swiss Bank Program, which allows amnesty from criminal prosecution for banks that voluntarily come forward. Since 2013, the U.S. Justice Department has been making deals, collecting penalties, and using information provided by financial institutions to pursue investors who didn't declare their offshore accounts.
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