Foreign Banks Directed to Hand Over American Account Info
Orange County taxpayers haven’t been the only folks to line up to take advantage of a voluntary disclosure program offered by the government. Over 100 foreign banking institutions signed up to take part in anti-prosecution agreements with the Department of Justice earlier this year. This was, in large part, a response to the huge settlement between the DOJ and UBS, back in 2009. UBS handed over fines of roughly 780 million dollars and agreed to hand over the names and account information of tens of thousands of its American account-holders.