Swiss Banker Surrenders To U.S. Authorities

The U.S. continues its aggressive pursuit of unreported income from foreign bank accounts.  But in one Swiss case it did not involve a U.S. taxpayer.  Rather it involved a former UBS banker, Martin Lack, who surrendered to US authorities and was indicted for conspiring to help U.S. individuals evade U.S. taxes by hiding their money in secret Swiss bank accounts. Lack is a Swiss resident and investment banker.

The charges against Lack are part of a continuing effort by the IRS, started in 2009, that focuses on unreported income from offshore bank accounts.  To date, over 35 foreign banks, lawyers and investment advisors have been indicted, as well as 70 US taxpayers.

Lack’s indictment states that he solicited “U.S. customers to open undeclared accounts at UBS and Cantonal Bank because Swiss bank secrecy would assist U.S. customers to conceal their ownership of the accounts.”

As part of its effort to encourage the reporting of offshore bank accounts, the IRS has implemented the Offshore Voluntary Disclosure Program (OVDP).  OVDP’s objective is to bring taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws.

If you have foreign bank accounts, or assets in foreign entities and have not reported them to the IRS, and you would like to resolve this matter in order to avoid possible criminal and civil penalties, schedule your free consultation by calling (480) 888-711 or submit a web request here