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Monday, August 4, 2014
INFOGRAPHIC: Swiss bank accounts . India is Rumored to have $ 1.5 Trillion Black Money.
Swiss bank accounts have long been a place for the wealthy to store their cash in order to evade hefty taxes. As of late, however, the American government has been cracking down on tax evaders and those that aid them.
American tax authorities created an amnesty program for Swiss banks that were willing to cooperate in bringing American tax evaders to justice, in exchange for less severe fines. In total, 106 banks signed up for the program. This all stems from a criminal investigation of twelve Swiss banks, headed by US tax authorities.
In order to be in the good graces of Uncle Sam, some of these banks have even threatened to freeze the accounts of their American clientele, unless they can prove that they are fully tax-compliant. Other Swiss banks have taken a softer approach. If a client has or had an undeclared account and has avoided getting caught, the bank will aid them in paying fines if they confess to the American government. It sounds good, but the amount they are offering is only $5,000. It is likely that Uncle Sam will want a lot more than just a few thousand dollars.