The Daily Caller

The Daily Caller
FILE - The Dec. 9, 2008 file photo shows a building of Credit Suisse bank in the Brunau district of Zurich, Switzerland. Swiss bank Credit Suisse said Monday, Sept. 19, 2011 it has agreed to pay euro 150 million (US$ 206.4 million) to prevent its staff from being prosecuted in a German tax evasion case.  (AP Photo/Keystone, Gaetan Bally)    GERMANY OUT AUSTRIA OUT FILE - The Dec. 9, 2008 file photo shows a building of Credit Suisse bank in the Brunau district of Zurich, Switzerland. Swiss bank Credit Suisse said Monday, Sept. 19, 2011 it has agreed to pay euro 150 million (US$ 206.4 million) to prevent its staff from being prosecuted in a German tax evasion case. (AP Photo/Keystone, Gaetan Bally) GERMANY OUT AUSTRIA OUT  

Grand jury investigating eight offshore banks for aiding tax evasion

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 (UBSN), 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.

Full story: Eight Offshore Banks Under Grand Jury Investigation, U.S. Says