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8 offshore banks under investigation for aiding tax evasion

DOJ cracks down on UBS, Credit Suisse and others for helping U.S. citizens cheat the IRS

Wiring millions in dirty money to a secret Swiss bank account apparently isn’t just for spy movie villains anymore. The U.S. Department of Justice (DOJ) has targeted eight offshore banks in a federal grand jury investigation, and is clapping manacles on scores of facilitators.

According to the DOJ, eight offshore banks, including UBS AG (which already is under more-public scrutiny for alleged fraud) and Credit Suisse Group AG—the two largest Swiss banks—are under bright lights for potentially facilitating tax evasion by U.S. citizens.

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