Senate: UBS, Liechtenstein aided US tax cheats

GENEVA (AP) - A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world.

In a report released late Wednesday, the Senate subcommittee on investigations estimated that offshore abuses were costing U.S. taxpayers about $100 billion a year.

It recommended a range of reforms to squeeze tax cheats, including more stringent U.S. requirements for foreign banks and harsher penalties for financial institutions failing to provide the Internal Revenue Service with details on all accounts their American clients are holding.

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