The Senate Permanent Subcommittee on Investigations has issued a report alleging that Credit Suisse Group AG has helped more than 20,000 US taxpayers hide billions of dollars in assets offshore. Subcommittee Chairman Carl Levin was disappointed that years of DOJ investigations have netted only 238 names for US authorities and is urging more aggressive action.
Separately, the Justice Department and IRS are looking into US citizens using Swiss insurance products to hide assets. These citizens use private placement life insurance (PPLI) which blends banking and insurance by linking the value of the individual’s policy to assets in a Swiss bank account.
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