Tax Authorities Arrest 14 in Swiss Account Raids


The Israeli government crackdown on tax evaders has passed from its investigatory phase to its enforcement phase, as the Tax Authority announced the arrest of 14 people holding illegal accounts in Swiss banks, Globes reported on Wednesday.

Large banks in Switzerland are reportedly managing accounts for thousands of Israelis worth hundreds of millions of dollars, while keeping the information from the Tax Authority.

The Union Bank of Switzerland’s (UBS) investment advisor, who directly handles bank accounts of Israelis, was arrested on June 26, 2014, according to Wednesday’s disclosures. He allegedly visited Israel for secret meetings with clients to avoid exposure of the clients through official methods of communication.