UBS Off-Shore Accounts on 60 Minutes
On January 3, 2010, 60 Minutes did a piece on the whistleblower who tipped off the IRS to the off-shore bank accounts held by Swiss Bank UBS. The information led to a court order against UBS forcing it to reveal details regarding accounts held by US taxpayers. The IRS subsequently created a temporary voluntary disclosure program to allow account-holders to disclose their income without prosecution.
That court order has been seen as an early step in preventing taxpayers from Western nations, including Canada, from using off-shore bank accounts in jurisdictions known for their bank secrecy laws.
Clips and more can be found here.
Originally posted on www.piccololaw.ca, used with permission.
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