Tuesday, July 24, 2012

Which US Political Figures Had Secret Swiss Accounts?




According to CNBC Mitt Romney isn’t the only American political figure to have had money in a Swiss Bank account.  A “handful” of politically connected Americans had secret, undisclosed accounts at the Swiss bank UBS , a source familiar with the accounts told CNBC.

The names of those people were turned over to the U.S. government as part of the bank’s massive tax evasion settlement, the source said. And while the Romney campaign has said Gov. Romney paid all appropriate taxes on his Swiss account, the other American political figures likely did not — the source explained that the accounts revealed by UBS to the U.S. government were “undisclosed,” meaning that information about them was not previously transmitted to the IRS.

UBS, like other global banks, applies heightened scrutiny to the accounts of customers in various countries including the United States who qualify as “Politically Exposed Persons,” or PEPs in banking jargon. A wide range of officials meet that definition, including people who are not current office holders or who are simply related to prominent political players….

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