I have been reading the US Senate report on tax havens that focuses on LGT and UBS.

I have already reported my doubts about the sincerity of UBS' testimony. I have found my doubts confirmed by the report. On page 10 it says:

The UBS figures [on funds held] for 2008 are also consistent with internal UBS documents from 2004 and 2005, which suggest that a substantial portion of the UBS Swiss accounts opened for U.S. clients at that time were undeclared, and that these undeclared accounts held more assets, brought in more new money, and were more profitable for the bank than the declared accounts. This information is contained in a set of monthly reports for select months in 2004 and 2005, which tracked key information for the Swiss accounts opened for U.S. clients, breaking down the data for both declared and undeclared accounts. Each report appears to show substantially greater assets in the undeclared accounts than in the declared accounts. In October 2005, for example, the data indicates a total of about 18.5 billion Swiss francs of assets in the undeclared accounts and 2.6 billion Swiss francs in the declared accounts. The October 2005 report also suggests that the undeclared accounts had acquired 1 billion Swiss francs in net new money for UBS, while the declared accounts had collectively lost 333 million Swiss francs over the same time period. The monthly reports also indicate that UBS earned significantly more in revenues from the undeclared accounts. For example, the October 2005 data shows that UBS obtained year-to-date revenues of about 180 million Swiss francs from the undeclared accounts versus 22.1 million Swiss francs from the declared accounts. These statistics suggest that the undeclared U.S. client accounts were more popular and more lucrative for the bank.

Let's be clear what this says: UBS knew it was assisting tax evasion. It knew it was paying interest on which tax was not being paid.

I know UBS is not alone in doing so. Every bank subject to the EU Savings Tax Directive that has customers who decline to exchange information with their country of home residence and yet do not report their suspicion that their customers might be tax evading (and it is impossible in my opinion for them to believe otherwise) are also knowingly profiting from tax evasion.

Banks are systemically abusing the right of the nations of the world to collect the tax due to them. It's one of the reasons why the Green New Deal asks for fundamental reform of banking.