Tax-Cheat Showdown: Fess Up or Stay Quiet? -- Wall Street Journal
The Internal Revenue Service is staging a massive poker game. It has invited 52,000 UBS AG account holders to the table.
Now that the U.S. and Swiss governments have resolved a longstanding dispute about disclosing the identities of secret Swiss bank accounts, the holders face an acute dilemma: Do they confess their tax-evasion sins and possibly give up a large portion of their offshore accounts? Or do they stay quiet, hoping to avoid detection, but risk far greater penalties or even criminal prosecution if exposed to authorities?
Read more ....
Update: US Builds Crime Cases on Clients of UBS -- CNBC
My Comment: So much for the tradition and history of Switzerland's bank secrecy laws.