One bank – $40 bn of tax abuse

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As the FT notes:

UBS, the world’s second biggest wealth manager by assets, said that recent tax changes affecting Swiss bank secrecy would enable foreign clients to withdraw about SFr15bn-SFr40bn ($15bn-$40bn) of the funds deposited.

What they mean is, they know they are holding that balance (at least) of illicit funds for depositors from the US, Germany and UK.

No wonder we’ve always suspected our estimate of $11.5 trillion of offshore funds is understated.

And as for those who say, as so many Swiss banks did, that there is no evidence of illicit fund holding offshore, I will quite candidly say that they know they are not telling the truth because the evidence to the contrary is unambiguous.