On the day that we hear of BBC Rogue Traders presenter Dan Penteado has pleaded guilty to council tax and housing benefit fraud to the tune of more than £24,000. Featuring the phrase, "failed to declare he had another bank account"
There is this...
"But one private banker in Zurich told Reuters in May he was giving his "smaller" clients with less than $2 million in funds the following advice:
"If you have a small amount of undeclared money, the smartest thing you can do is withdraw it in cash and put it into a safe deposit box," the banker said.
The bilateral tax deals, which are scheduled to come into effect next year, preserve privacy by imposing a one-off levy on undeclared legacy capital, plus a tax on future earnings. Clients who refuse the tax face having their names revealed to foreign tax officials.
There is no official data on how much undeclared wealth is sitting in Switzerland, whose banks hold about $2 trillion in offshore assets. But according to some estimates Germans alone have 200 billion euros in untaxed funds in Switzerland. "
From...
http://uk.finance.yahoo.com/news/nervous-investors-fill-swiss-safes-130208924.html