Levin, who has long campaigned for legislation to prevent Americans from moving money offshore, recently revealed that the Senate Permanent Committee on Investigations, which he chairs, will launch a probe into reports that a stolen computer disc containing details of clients of Liechtenstein's LGT Bank also included several American names.

“Recent events involving a bank in Liechtenstein once again demonstrate the problems presented by secrecy jurisdictions and tax havens that enable individuals to hide assets and evade taxes," the Michigan Democrat commented in a statement.

He continued: “Liechtenstein’s LGT Bank, which is owned by the Royal family, has apparently harbored numerous secret accounts which hid the taxable assets of thousands of citizens from around the world. It is my understanding that many US citizens have also hidden assets at this bank, which is a real injustice to the millions of working families in this country who honestly pay their taxes every year."

In announcing the new investigation, Levin urged the Senate to enact his Stop Tax Haven Abuse Act, which he introduced into Congress last year.

"This legislation contains innovative provisions to combat offshore secrecy and end the use of tax havens such as Liechtenstein by US citizens who are dodging their tax obligations, and ripping off America and honest American taxpayers in the process," Levin argued.

“Offshore tax evasion produces an estimated USD100 billion in unpaid taxes each year. It’s long past time to collect these taxes and stop the tax dodgers from offloading their tax burden onto the backs of honest Americans," he concluded.