Banks Agonize Over Us Tax Evasion 'Guilt'

Banks Agonize Over Us Tax Evasion ‘Guilt’ by Matthew Allen, swissinfo.ch.

While some banks have formed a clear picture of where they stand in the so-called ‘non-target letter’ programme, others are still weighing up the cost of registering versus the risk of being caught by the Department of Justice (DoJ) with their trousers down.

Liechtenstein’s VP Bank last week became the latest institution to pull out of the scheme having initially subscribed itself in “category 2” – effectively pointing the finger of suspicion at itself for potentially helping US clients evade taxes.

The NZZ am Sonntag newspaper claims that at least ten banks have also performed such a u-turn but it did not name names. Britain’s Barclays PLC...