This is not a paywall.

Register for free to continue reading.

The news sucks. But your reading experience doesn't have to. Help us improve that for you by registering for free.

Please create a password or click to receive a login link.

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We write for you

It’s a public service and we refuse to erect a paywall and force you to pay for truth. Instead, we ask (nicely and often) that those of you who can afford to, become a Maverick Insider and help with whatever you can. In order for truth not to become a thing of the past, we need to keep going.

Currently, 18,000 (or less than 0.3%) of our brave and generous readers are members; which says a lot about their characters and commitment to our country. These people are paying for a free service in order to keep it free for everyone.

They are the true South AfriCANs.(Sorry, we couldn’t help ourselves.)

Support Daily Maverick→
Payment options

US authorities start harvesting UBS catch

Business Maverick

Business Maverick

US authorities start harvesting UBS catch

A strange, new fear envelops US tax-dodgers these days: A fear of the Postman.

In February this year, the biggest Swiss bank, UBS was forced to hand over the names of 285 US citizens and pay a $780-million fine. It still owes the US government 4 450 names after another deal struck in August. UBS is currently informing its clients they are about to be outted to the Internal Revenue Service. One by one outted citizens are pleading guilty to tax evasion. The latest is Juergen Homann of New Jersey  who has agreed to open the whole process, and open wide. Homann’s whole smorgasboard of law firms, accountants, advisers, foundations, sham corporations and secret accounts in the US, Lichtenstein, Hong Kong and Switzerland enabled him to hide more than $5-million.

Although it’s certain we’re witnessing only an opening salvo in what is shaping to be a worldwide push by the US to end tax heavens and weaken banking secrecy laws, it’s not all so bleak for the dodgers. US tax authorities have introduced a voluntary disclosure programme to offer leniency to all who come forward and declare their sins. With 3 000 people already volunteering, there are still many more out there praying the letter in their postbox is not from the UBS.


Please peer review 3 community comments before your comment can be posted