Offshore: A once-trusted vessel
Offshore firms are still fighting to defend their jurisdictions as the financial crisis reignites debate over tax evasion and tax avoidance. Dominic Carman reports
November 02, 2010 at 02:28 AM
11 minute read
Offshore firms are still fighting to defend their jurisdictions as the financial crisis reignites debate over tax evasion and tax avoidance. Dominic Carman reports
The recent US Department of Justice decision to dismiss a criminal prosecution for fostering tax evasion against UBS highlights two perennial themes affecting offshore law firms: transparency and disclosure.
UBS, Switzerland's largest bank, was accused of helping thousands of wealthy clients set up sham offshore companies – hiding $20bn (£12.7bn) in Panama, Hong Kong and the British Virgin Islands (BVI) – and has paid a $780m (£494m) penalty. "This is the end of bank secrecy in Switzerland," says Robert Fink, of New York tax specialist Kostelanetz & Fink. "It is the most significant tax case, as far as revenues are concerned, in US history."
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