Wegelin Indictment Signals New Battleground In U.S. Offshore Evasion Fight, Attorneys Say

The U.S. government's fight against offshore tax evasion will only continue to ramp up after the Justice Department indicted Swiss private bank Wegelin & Co. for allegedly conspiring to hide more than $1.2 billion in U.S. assets from the Internal Revenue Service, attorneys said Feb. 3. Wegelin “was intentionally seeking clients who wanted to hide their money,” said Offshore Tax Compliance Chair Kevin. “It's pretty extreme, the things they did. You've got to believe other banks were doing similar things.”