The Phrase "Did You See The New Beyoncé Album Just Dropped?" May Have Been Used In Swiss Tax Evasion Schemes

When you're trying to evade the watchful eye of the IRS, you have to get creative.
Author:
Updated:
Original:

...according to a primer on Swiss Bank Tax Evasion 101 at the Journal today.

Some Swiss banks loaded funds onto untraceable debit cards. At another, clients who wanted to transfer cash used code phrases such as “Can you download some tunes for us?” One bank allowed a client to convert Swiss francs into gold, which were then stored in a relative’s safe-deposit box. Dozens of Swiss banks have been spilling their secrets this year as to how they encouraged U.S. clients to hide money abroad, part of a Justice Department program that lets them avoid prosecution. It is part of a broader U.S. crackdown on undeclared offshore accounts that has ensnared big Swiss banks such as UBS Group AG, but has received scant attention because it mostly involves little-known firms and relatively small fines.

Inside Swiss Banks’ Tax-Cheating Machinery [WSJ]

Related