More Banks in Europe Identified in Tax Probe - WSJ.com.

Wealthy U.S. citizens using a tax-evasion amnesty program have identified nearly 10 Swiss and European banks where their accounts are held, opening new fronts in the Internal Revenue Service's probe into potential tax crimes, according to people familiar with the situation.

Among the banks named in the voluntary disclosures are Swiss banks Credit Suisse Group AG, Julius Baer Holding AG, Z?ºrcher Kantonalbank and Union Bancaire Priv?©e, known as UBP.

The disclosures don't signal wrongdoing at the banks. It may mean that a U.S. citizen simply kept money at a European bank and now wants to report it. Nor does it signal that other banks mirrored UBS AG in the way the Zurich bank and its private bankers used subterfuge to meet with and communicate with clients for whom the bank created complex structures to evade taxes.

The dam has burst. We don't know that these banks assisted clients to abuse, like UBS, but the evidence is mounting they were used for abuse.

It's time the US sought ways to use bank licence regulation in the USto say to banks operating there 'open up or get out' as it looks likely the UK is doing.

That will put the cat amongst the pigeons.