A tougher stance on tax havens
Wednesday's US-Swiss deal is the latest step in an international crackdown on tax evaders.
Alessandro Della Bella/Keystone/AP/File)
A decades-long tolerance of the 90 or so tax havens around the world is giving way to a tougher resolve among major industrial nations to crack down on tax evaders.
The latest move: a new US-Swiss deal, made public Wednesday, to provide the Internal Revenue Service with information on some 4,450 suspect UBS accounts that at one time held a total of $18 billion. (Click here for details in a story by a Monitor contributor by the same name.)
Abroad, Britain, Germany, and France also have been taking a tougher stance against tax havens. Britain, for instance, has been trying to pry open some 5,000 accounts in Liechtenstein owned by British investors with an estimated total of at least $3.3 billion. When the G-20 major industrial nations declared in April that "the era of banking secrecy is over,” they may actually have meant it.