Ad
related to: swiss bank account for americans with cancer definition psychology
Search results
Results From The WOW.Com Content Network
The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares. [82]
When opening a Swiss bank account, Americans have to file an FBAR form with the IRS that discloses the assets. Back when the "international man of mystery" concept of the Swiss bank account holder ...
In 1999, the Volcker Commission found 53,886 Swiss bank accounts that likely belonged to victims of the Holocaust, in addition to the 5,570 accounts first discovered during the 1997 self-audit. 10,471 of the newly discovered accounts were Category 1 accounts, which meant that they were matched to the names of known Holocaust victims, or ...
American courts convicted Wegelin & Co. of money-laundering and tax evasion, and accordingly the bank's correspondent account held by UBS AG in Connecticut was fined $16 million by the federal courts. The bank argued that it only had branches in Switzerland, not the United States, and was, therefore subject only to Swiss law.
Some Swiss banks supplement the number with a code name such as "Cardinal", [5] "Octopussy" [6] or "Cello" [6] as an alternative manner to identify the client. [7] However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets. [8]
For premium support please call: 800-290-4726 more ways to reach us
The law, coupled with a stable Swiss currency and international neutrality, prompted large capital flight to private Swiss accounts. During the 1940s, numbered bank accounts were introduced creating an enduring principle of bank secrecy that continues to be considered one of the main aspects of private banking globally.
Bradley Charles Birkenfeld (born February 26, 1965) is an American private banker, Author of Lucifer's Banker, convicted felon, and whistleblower.During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion.