Government Cracks Down On Swiss Bankers It Says Helped Hide $1.2 Billion

The government is sick of ultra-rich people hiding funds in Swiss bank accounts to lessen their tax burdens, so it’s gone after three bankers it accuses of responsibility for $1.2 billion worth of such shenanigans. Appropriately keeping with the anonymity of such accounts, the prosecutors didn’t name the bank at which the accused worked.

The Wall Street Journal reports the bankers moved the funds from Swiss bank UBS AG after the U.S. cracked down on the entity for helping Americans hide money. The bankers are accused of going to great lengths to keep the transactions secret, opening accounts in the names of fake offshore businesses to keep things hush-hush, as well as using their personal email accounts to contact customers.

The tax-hungry federal government doesn’t seem daunted by the Swiss banking shell game, and the more success it has in tracking these accounts down, the tougher it will get for those who want to dodge taxes by stashing their money away in secret.

U.S. Charges 3 Swiss Bankers in Tax Case [The Wall Street Journal]