![\"Tax](\"http:\/\/media.npr.org\/programs\/fa\/features\/2005\/07\/offshore_200x300.jpg\")
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Switzerland’s largest bank, UBS, has been at the center of a growing scandal this year, for helping wealthy Americans hide their money from the IRS. Yesterday a Florida accountant was the first person arrested after UBS turned over the names of over 250 of its American clients to the IRS to avoid prosecution. The bank, which is the world’s largest manager of private wealth, has also admitted that from 2000 to 2007, it helped rich Americans avoid paying taxes by setting up sham offshore companies for them in third countries that are tax havens. The US government believes there are as many as 52,000 Americans with secret Swiss bank accounts. UBS recently ordered its staff not to travel abroad, fearing arrests by governments who are starting to crack down on tax evasion. Representatives at the recent G-20 summit in London, as one of their agreed-upon regulatory measures, promised to crack down collectively on tax havens. The Organization for Economic Cooperation and Development (OECD) released a black-list of four countries that are called “non-cooperative tax havens,” and a “gray-list” of 38 other countries and territories that have committed to its tax standards but not full implemented them. This week the US and Swiss governments have agreed to revise a 1996 bi-lateral tax treaty to better exchange tax information based on the OECD tax codes.<\/p>\n
GUEST: William Britain Catlin, author of Offshore: The Dark Side of the Global Economy<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" | the entire program Switzerland’s largest bank, UBS, has been at the center of a growing scandal this year, for helping wealthy Americans hide their money from the IRS. Yesterday a Florida accountant was the first person arrested after UBS turned over the names of over 250 of its American clients to the IRS to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-7031","post","type-post","status-publish","format-standard","hentry","category-daily-program"],"_links":{"self":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts\/7031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/comments?post=7031"}],"version-history":[{"count":0,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts\/7031\/revisions"}],"wp:attachment":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/media?parent=7031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/categories?post=7031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/tags?post=7031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}