Congress and the White House are
trying to press a crackdown on the
lucrative tax haven business,Ugg
Mayfaire Boots,UGG Classic Tall
Boots, fresh off a victory over
Swiss bank UBS AG (UBS), which
admitted in a recent plea deal with
the Justice Departme
Congress and the White House are trying to press a crackdown on the lucrative tax haven business,Ugg Mayfaire Boots,UGG Classic Tall Boots, fresh off a victory over Swiss bank UBS AG (UBS), which admitted in a
recent plea deal with the Justice Department that it aided tax evasion by wealthy U.S. clients.
UBS last month agreed to pay $780 million in fines as part of a deferred prosecution agreement with federal prosecutors. The bank is disclosing clients who benefited from about 250 accounts that the Justice Department alleges were set up as shell
entities as part of tax avoidance schemes. The bank admitted to violating regulations set under a treaty that requires banks to submit information about their U.S. clients' tax obligations.
Sen. Carl Levin,UGG Classic Tall Metallic Boots, D-Mich., chairman of the Permanent Subcommittee on Investigations,UGG Handbags, which has delved into alleged tax haven abuse for years, said he hopes a bill he is
sponsoring and similar legislation in the House will stop banks from doing what UBS has admitted.
Levin's committee is set to hear testimony Wednesday from Mark Branson,Blue Ugg Classic Tall,UGG Classic Tall Metallic Boots, a senior UBS wealth management executive,UGG Boots, as well as senior Internal Revenue
Service and Justice Department officials overseeing the tax haven investigations. The hearing is expected to focus on details of the banks deal with prosecutors, including documents that investigators say show how UBS trained its bankers to avoid
detection by U.S. investigators.
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