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CS Tax Evasion Report

CS Tax Evasion Report

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CS Tax Evasion Report
CS Tax Evasion Report

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Published by: zerohedge on Feb 26, 2014
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United States Senate
 
 PERMANENT SUBCOMMITTEE ON INVESTIGATIONS 
Committee on Homeland Security and Governmental Affairs
Carl Levin, Chairman John McCain, Ranking Minority Member 
OFFSHORE TAX EVASION:The Effort to Collect Unpaid Taxeson Billions in Hidden Offshore Accounts
MAJORITY AND MINORITYSTAFF REPORT
PERMANENT SUBCOMMITTEEON INVESTIGATIONSUNITED STATES SENATE
RELEASED IN CONJUNCTION WITH THEPERMANENT SUBCOMMITTEE ON INVESTIGATIONSFEBRUARY 26, 2014
 
SENATOR CARL LEVINChairmanSENATOR JOHN McCAINRanking Minority MemberPERMANENT SUBCOMMITTEE ON INVESTIGATIONS
ELISE J. BEAN
Staff Director and Chief Counsel
ROBERT L. ROACH
Counsel and Chief Investigator 
ALLISON F. MURPHY
Counsel
ANGELA MESSENGER 
Detailee
JOEL CHURCHES
Detailee
MARY D. ROBERTSON
Chief Clerk 
ADAM HENDERSON
Professional Staff Member 
HENRY J. KERNER 
Staff Director and Chief Counsel to the Minority
MICHAEL LUEPTOW
Counsel to the Minority
ELISE MULLEN
Research Assistant to the Minority
BENJAMIN DRISCOLL
Law Clerk 
ELIZABETH FRIEDRICH
Law Clerk 
JACOB ROGERS
Law Clerk 
MEGAN SCHNEIDER 
Law Clerk 
ALEX ZERDEN
Law Clerk 
Former Subcommittee Staff Who ContributedANDREW DOCKHAM
Counsel to the Minority for Senator Tom Coburn
DENNIS BOGUSZ
Congressional Fellow
ELENA BEGUNOVA
Law Clerk 
GIGI GOOD
Law Clerk 
THARUNI JAYARAMAN
Law Clerk 
JULIE KOVIN
Law Clerk 
LANE POWELL
Law Clerk 
DYLAN TEGGERT
Intern
DORIS WEIL
Law Clerk 
2/25/14 (1335)
 Permanent Subcommittee on Investigations
199 Russell Senate Office Building – Washington, D.C. 20510 Majority: 202/224-9505 – Minority: 202/224-3721Web Address: http://www.hsgac.senate.gov/subcommittees/investigations
 
OFFSHORE TAX EVASION:The Effort to Collect Unpaid Taxes on Billionsin Hidden Offshore AccountsTABLE OF CONTENTS
I.EXECUTIVE SUMMARY
................................................. 1
A.Subcommittee Investigation
. . . ........................................... 2
B.Investigation
 
Overview.
. ................................................ 2
C.Findings of Fact and Recommendations
. . . ................................. 6 Findings of Fact:(1)Bank Practices that Facilitated U.S. Tax Evasion. . ........................ 6(2)Inadequate Bank Response. . . ........................................ 6(3)Lax U.S. Enforcement. . . ............................................ 7 (4)Swiss Secrecy. . .................................................... 7Recommendations:(1)Improve Prosecution of Tax Haven Banks and Hidden Offshore Account Holders. . . ................................................ 7(2)Increase Transparency of Tax Haven Banks That Impede U.S. Tax Enforcement. 7(3)Streamline John Doe Summons. . . ..................................... 7(4) Close FATCA Loopholes. ........................................... 8(5)Ratify Revised Swiss Tax Treaty. ..................................... 8
II.BACKGROUND
......................................................... 9
A.U.S. Tax Initiatives To Combat Hidden Foreign Accounts
.................... 10
B.Multinational Tax Efforts To Combat Hidden Foreign Accounts
............. 22
C.Switzerland
........................................................... 30
III.CREDIT SUISSE: CASE STUDY IN SWISS SECRECY
....................... 41
A.Background on Credit Suisse
............................................ 42(1)Credit Suisse Private Banking........................................ 45(2)Clariden Leu...................................................... 46(3)Credit Suisses U.S. Cross Border Business.............................. 47 (4)Credit Suisse Internal Investigation.................................... 49
B.U.S.-Linked Accounts in Switzerland
..................................... 52(1)Over 1,800 Swiss Bankers Serviced Accounts for U.S. Clients............... 54(a)Swiss Bank Secrecy............................................ 55(b)Credit Suisse Organizational Barriers.............................. 56(c)U.S.-Linked Swiss Accounts Outside of SALN...................... 58(2)Most U.S. Account Assets Were Undisclosed............................ 61
C.Credit Suisse Banking Practices that Facilitated U.S. Tax Evasion
............. 65(1)Legal and Policy Restrictions on U.S. Activities.......................... 66i

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