Bloomberg - By Carla Main - document.write(dateFormat(new Date(1316606759000),"mmm d, yyyy h:MM TT Z")); Sep 21, 2011 8:05 AM ET<a href="http://www.bloomberg.com/news/2011-09-21/offshore-bank-subpoenas-fcc-kids-rule-naked-cdss-compliance.html">Wed Sep 21 12:05:59 GMT 2011 -</a>

Eight offshore banks are under federal grand jury investigation for facilitating tax evasion by U.S. citizens as part of a probe the Justice Department said has dealt “fabled Swiss bank secrecy a devastating blow.”

The department disclosed the probes on a section of its website detailing the Tax Division’s Offshore Compliance Initiative. In 2009, prosecutors charged UBS AG, the largest Swiss bank, with aiding tax evasion by U.S. clients. UBS avoided prosecution by paying $780 million, admitting it fostered tax evasion, and giving the U.S. Internal Revenue Service data on more than 250 accounts. It later turned over data on another 4,450 accounts.
Prosecutors opened 150 grand jury investigations of offshore-banking clients, charging 30 people, and indicting 13 other people who facilitated the hiding of assets offshore, according to the website.