Swiss Bank to Expose American Customers

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Swiss bank accounts are not only enticing for their high interest rates, but even more so for their anonymity. Until now, Swiss bank UBS AG has allowed foreign customers to open accounts with the promise of customer confidentiality. For this reason alone Swiss bank accounts have been the perfect place for money laundering and tax evasion.

The IRS has now reached an agreement with UBS AG to give up the names of approximately 4,500 American accounts open at the Swiss banking institution. In total the accounts have withheld as much as $18 billion dollars from the U.S. government. There still remain another 45,000 accounts held by American clientele that will remain untouched and private because the IRS believes them to be legitimate tax paying citizens with offshore accounts.

So who will make the headlines for tomorrows biggest money laundering and tax evasion scheme? Another crooked politician? A wallstreet mastermind? Drug cartel? I guess we just sit back and watch the headlines now!