In 2009, Swiss banks decided to end the distinction between outright criminal tax fraud and tax evasion, which they had no real issue with. Switzerland has a long history of looking the other way with regard to the sources of money it holds, making the country a popular destination for the global super rich’s hidden assets.
The change was precipitated by whistleblower Bradley Birkenfeld, who revealed how a number of wealthy clients at Swiss bank UBS were escaping taxes and some 14,000 Americans were taking advantage of an IRS tax amnesty program meant to sweep up assets previously hidden in Switzerland.
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