Some ten years ago, the US embarked on its international hunt for offshore tax cheats and began its forceful battle against so-called “tax havens”. Switzerland was the most prominent target. Ten years later, the results of this crusade have been meagre. However, in the meantime, US banks and wealth managers have been making a killing. To this day, they are welcoming non-US assets with open arms by the billions, many of them undeclared.

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