Financial Transparency Coalition

The Swiss banking industry, facing a raft of proposals from Congress and the IRS for new requirements aimed at catching U.S. tax evaders, is beefing up its Washington lobbying ranks.

The United States government has asked a judge for leniency with regard to the sentencing of its star UBS-informant, Bradley Birkenfeld, whose sentencing hearing is currently scheduled for Friday. In June 2008, Birkenfeld - the man who infamously detailed how he smuggled diamonds through US customs in a toothpaste tube - plead guilty to one count of conspiracy to defraud the United States. Since then, however, he cooperated extensively with US investigators from a number of agencies, and became an invaluable informant/witness in the US's drawn out legal battle against UBS. From the AP:

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MIAMI - U.S. authorities requested a sharply reduced prison sentence on Tuesday for a key informant in their tax evasion prosecutions of wealthy American clients of Swiss bank UBS.

ZURICH (Reuters) - Details of a landmark settlement of the U.S. tax case against Swiss bank UBS are expected this week, which should help the bank restore its image and open the way for the Swiss state to sell its UBS stake.