Originally published on Fri January 11, 2013 7:43 am
Time was that a Swiss bank account was synonymous with confidentiality and keeping assets from prying eyes. No more.
Last week, Switzerland's oldest bank, Wegelin & Co., pleaded guilty in a New York court to helping Americans hide $1.2 billion from the Internal Revenue Service over a decade-long period. Wegelin's plea, and a $57.8 million fine, forced the bank to shut its doors. It follows a $780 million settlement with UBS in 2009 that forced the Swiss banking giant to identify the names of its U.S. account holders.
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