Financial Transparency Coalition

Liechtenstein, once one of the world's most secretive tax havens, is going further than almost any other centre in cleaning up its act. The deal is a dramatic example of a jurisdiction giving up banking secrecy in return for recognition as a legitimate financial centre. It is helping flush out tax evaders by making its banks close non- compliant accounts by 2015.

Two former employees of Edward H. Okun, who was sentenced to 100 years in prison on Aug. 4, 2009, after a three-week jury trial, were sentenced today before U.S. District Judge Robert E. Payne for their roles in a scheme to defraud and obtain approximately $126 million in client funds held by The 1031 Tax Group LLP (1031TG).

Federal prosecutors are building criminal cases against 150 wealthy American clients of the Swiss banking giant UBS as part of a continuing investigation into tax evasion, a person briefed on the matter said Thursday.

Details of a historic settlement between the U.S. and Swiss governments over secret accounts at UBS remain, well, secret. But the case marks the biggest assault yet against Swiss banking.