Top Swiss banker indicted for US tax evasion conspiracy
Swiss bank has been charged with conspiring to defraud the US of tax revenues, the US Justice Department and the Internal Revenue Service said.
By Agencies |
WASHINGTON: A senior executive at a large Swiss bank has been charged with conspiring to defraud the United States of tax revenues, the US Justice Department and the Internal Revenue Service (IRS) said on Wednesday.
Raoul Weil, chairman of the bank's global wealth management service in Zurich, was indicted by a grand jury in Fort Lauderdale, Florida, on November 6 for conspiring with other executives, private bankers and clients of the firm.
According to the indictment, between 2002 and 2007 Weil supervised the Swiss bank's overseas activities that serviced some 20,000 US customers.
The indictment alleges that by using encrypted laptops and other counter-surveillance techniques, Weil and his co-conspirators helped US customers conceal around 20 billion dollars in assets from the IRS.
Weil instructed fellow Swiss bankers to increase their cross-border activities knowing that such activity meant bankers would be violating US law.
"Every American who pays his or her taxes should be offended that a select few use anonymous offshore accounts to avoid paying their fair share," said R Alexander Acosta, US Attorney for the Southern District of Florida.
"Professionals, including bankers, who promote fraudulent offshore tax schemes against the United States, will be held accountable," said John A Marrella, Deputy Assistant Attorney General of the Justice Department's Tax Division.
The statement did not identify the bank, but Swiss authorities and top bank UBS on Tuesday denied reports that they handed to United States authorities files on Americans suspected of tax evasion.
"The Swiss authorities have not handed over any information as of now, contrary to what has been said," a spokeswoman for the Swiss finance ministry said.
Her comments came after the Washington Post reported on Monday that the Swiss had handed over information on around 70 US clients of UBS to the US Justice Department, citing sources close to the case.
Raoul Weil, chairman of the bank's global wealth management service in Zurich, was indicted by a grand jury in Fort Lauderdale, Florida, on November 6 for conspiring with other executives, private bankers and clients of the firm.
According to the indictment, between 2002 and 2007 Weil supervised the Swiss bank's overseas activities that serviced some 20,000 US customers.
The indictment alleges that by using encrypted laptops and other counter-surveillance techniques, Weil and his co-conspirators helped US customers conceal around 20 billion dollars in assets from the IRS.
Weil instructed fellow Swiss bankers to increase their cross-border activities knowing that such activity meant bankers would be violating US law.
"Every American who pays his or her taxes should be offended that a select few use anonymous offshore accounts to avoid paying their fair share," said R Alexander Acosta, US Attorney for the Southern District of Florida.
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"Professionals, including bankers, who promote fraudulent offshore tax schemes against the United States, will be held accountable," said John A Marrella, Deputy Assistant Attorney General of the Justice Department's Tax Division.
The statement did not identify the bank, but Swiss authorities and top bank UBS on Tuesday denied reports that they handed to United States authorities files on Americans suspected of tax evasion.
"The Swiss authorities have not handed over any information as of now, contrary to what has been said," a spokeswoman for the Swiss finance ministry said.
Her comments came after the Washington Post reported on Monday that the Swiss had handed over information on around 70 US clients of UBS to the US Justice Department, citing sources close to the case.
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