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DOJ Requests Identification of US Depositors in Bank Weglin – Time To Come Clean?

The US Department of Justice has submitted another administrative assistance request to the Swiss authorities, this one demanding the identification of American clients of the private bank Wegelin who were beneficiaries of asset management companies between 2002 and 2012. 

The United States tax authorities have filed a request for legal assistance to identify former American clients of the private bank Wegelin who are suspected of tax dodging. It is the fourth such request against a Swiss financial institute.


Wegelin, which announced at the beginning of this year it would close its doors, on Friday confirmed reports that it had received notification by Switzerland’s Federal Tax Authorities to comply with the US request, based on a 1996 double taxation agreement.

A bank official added that Wegelin would submit the necessary information.

It is the fourth such demand against Swiss banks. The country’s two main banks, UBS and Credit Suisse, have also faced requests against a particular group of clients over the past few years.

Two weeks ago, the private bank Julius Baer was also notified that it was subject of a similar request by Washington.

The US government agency for tax collection and tax law enforcement has been the driving force behind the legal enquiries, while the US justice department has now taken over the settlement with Swiss banks suspected of violating US law.

Undeclared Income from a Swiss Bank Account?

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Read more at: Tax Times blog

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