Here is today’s Headline:
“UBS Is Fined $4.2 Billion in French Tax-Evasion Case:
Judges find the Swiss lender guilty of illegally recruiting clients in France and helping them launder money that wasn’t declared to authorities”
The rest of the Wall Street Journal article is here: WSJ article on Banks Providing Tax Evasion
This headline has been reappearing in various forms for many years.
Yet some discussants felt for the attached paper (see below) that we could not use the word “banks” for the intermediaries providing the tax evasion service.
To avoid unnecessary controversy, since the paper only refers to evidence of banks helping customers evade taxes, rather than provide new such evidence, we put the word “banks” in a footnote (footnote 9, p. 49), even though it was a model to tax evasion through financial intermediaries, or banks in this case.
Banks, in my opinion, are the main conduit of tax evasion.
Here is our paper: