A Senate subcommittee plans to release another blockbuster report on the use of foreign tax havens after the first reports caused repercussions both here and abroad.
Last week, the Senate's Permanent Subcommittee on Investigations released a 402-page report on secret accounts in Switzerland and Liechtenstein that investment banks like UBS and LGT Bank have set up for clients to help them hide assets from the tax authorities in their own countries. The subcommittee hearing and report led UBS to pledge to stop providing offshore banking for its U.S. clients (see UBS to Discontinue Tax Havens for U.S. Residents).
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