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Levin To Probe US Citizens' Liechtenstein Accounts,
by Leroy Baker, Tax-News.com, New York
Wednesday, February 27, 2008
United States Senator Carl Levin (D-MI), has announced that he intends to investigate
whether US citizens may have dealings with the Liechtenstein bank at the centre
of the growing international row over tax evasion and offshore secrecy laws.
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.
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