Because Swiss Banks are So Open and Transparent

We no know, as a result of a computer technician selling data he downloaded, about a large number of using Lichtenstein bank secrecy laws to evade taxes.

While Liechtensteiner banking secrecy laws are actually more opaque than those of Switzerland, it has always been Swiss banks that have captured the public imagination when it came to the rich laundering money, and we are now seeing revelations regard Swiss banking giant UBS was helping its clients launder money, though this time it appears the discovery happened the old fashioned way, employees have been caught, and they are flipping to prosecutors for consideration on sentences.

Senator Carl Levin is now calling for regulators to revoke the banking license UBS American operations.

His call may have little bite, as UBS has revealed that it intends to wind down its US private banking operations.

It intends to stop taking new customers immediately, and wind down the rest of its services over time.