For Immediate Release
Lindsey M. Williams (202) 342-1903
Swiss Parliament Rejects UBS DOJ Dea
NWC Condemns Failure of United States to Prosecute Tax Criminals
WASHINGTON - The Federal Assembly of the
Swiss parliament voted to reject a deal between the Department of
Justice (DOJ) and UBS in which UBS had agreed to turn over the names of
4,450 U.S. citizens who held secret and illegal bank accounts at UBS.
Center and attorney for Bradley Birkenfeld, said:
bankruptcy of the Department of Justice's negotiations with UBS. The DOJ
should demand that UBS produce all 19,000 tax violators, not just
4,450, shut down all UBS business in the United States until there is
full compliance, and reopen an active criminal investigation into the
American and Swiss bankers who conspired to commit these crimes. It is
an insult to every honest taxpayer that while the whistleblower is in
jail, UBS and its American clients are getting away with hiding billions
of dollars of taxable income."
and today with the rejection by the assembly in Switzerland they came up
snake-eyes. The Obama administration needs to show initiative and not
just sit and wait hoping for good news from Switzerland. The Obama
administration needs to be taking full advantage of the mountain of
information provided by the key whistleblower, Bradley Birkenfeld,
instead of letting it gather dust in government warehouses."
Bradley Birkenfeld. In 2007, Mr. Birkenfeld became
the first Swiss banker to blow the whistle on American citizens using
secret Swiss bank accounts to violate U.S. tax and securities law. As a
direct result of his disclosures, UBS closed its North American
division (with approximately $20 billion dollars in assets), agreed to
pay the U.S. government a $780 million dollar fine, and agreed to turn
over the names of 4,450 account holders.
Swiss politicians would stall and block the release of client names and
urged them to open a legitimate criminal investigation using the
detailed information he provided. Mr. Birkenfeld provided the DOJ with
detailed information that would have (and still could) permit them to
conduct a criminal investigation and identify the major UBS America
account holders. The Swiss Parliament will now try to reach a compromise
that would require UBS to turn over client information by August 20,
the deadline set by the deferred prosecution agreement between the DOJ
for Mr. Birkenfeld" the illegal $20 billion tax evasion "scheme" by the
Swiss banking giant UBS "would not have been discovered by the U.S.
government." Despite his undisputed contribution toward enforcement of
tax laws, Mr. Birkenfeld was the only banker prosecuted by the U.S.
to send letters in support of Mr. Birkenfeld's
clemency petition, which is pending before the Pardon Attorney.
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