Although the United States was the first country to undergo the process of extracting the names of tax-evading secret accountholders, France has followed suit in its crusade against French tax evaders. The European country, which has expressed its desire to be among the lead players in the global financial system, has managed to acquire over 3,000 names, many of which it suspects of tax evasion.
 
France has given the 3,000 suspected tax evaders a chance to come forward and accept their punishment, promising to take proper action against them if they choose to not come forward instead. The move comes after …read more

Last week, Switzerland’s UBS AG bank and the United States reached a deal that would allow the United States to finally be able to do something about taxpayers who hide their money in secret Swiss bank accounts. However, several Swiss financial experts have criticized the deal, stating that it will only cause an increase in pressure from other countries on Swiss secret banking.
According to Swiss banking expert Hans Geiger, the deal only benefits the IRS and the Swiss bank that created the deal, and that the rest of his country and its economy will only suffer from the deal. He …read more