Financial Transparency Coalition

The last G20 meeting declared that the era of banking secrecy is over. At a conference in Berlin, Ministers of Finance from the U.K., Switzerland, Austria and Luxembourg agreed that countries failing to observe OECD regulations would face the possibility of sanctions. In the United States, President Obama has promised to “level the playing field” by curbing tax havens and cracking down on the abuse of tax havens by individuals. Yet this morning, the New York Times published a story claiming that the Department of Justice may drop a case against Swiss bank...

The Justice Department may drop a closely watched legal case aimed at forcing the Swiss bank UBS to divulge the names of 52,000 wealthy American clients suspected of offshore tax evasion, a United States official briefed on the matter said Monday. The move, which would halt an unusually aggressive effort to force Switzerland to lift its veil of banking secrecy, could happen by mid-July.

Stanford Financial Group Executives and Former Chairman of Antiguan Bank Regulator Indicted for Fraud and Obstruction: Charges Related to $7 Billion Dollar Scheme to Defraud Investors.