Slush Foreign Funds - IRS to Receive Unprecedented Amount of Information in UBS Agreement – Swiss banks no more Secret
While we, in India, engage in a lot of talk about getting at those slush funds slashed away in foreign countries, the US IRS has negotiated an agreement that will result in the IRS receiving an unprecedented amount of information on United States holders of accounts at the Swiss bank UBS.
Until now, Switzerland has, like other tax haven countries, only shared banking records with foreign law enforcement agencies if they're investigating an action that would be considered criminal under Swiss law. Switzerland hasn't changed any of its laws but has changed its interpretation of existing laws that cover "tax fraud and the like."