Off shore banking ending? - hedge funds

I heard a news clip, a couple of days ago, stating the UBS will stop allowing offshore bank accounts.

I don't know if this affects US citizens only, or will affect everyone in the world, but I think it really bites! I could mean that places like e-Passporte could be rendered impossible to use.

Has anyone else heard about this?

Yeah Americans are getting squeezed in more and more while the rest of the world is opening its doors. UBS can basically not contact high wealth individuals anymore, which is a load of bullshit if you ask me. This of course posses a great threat to Hedge Funds based offshore that needs banking help, sucks to be an American if you ask me.

I guess it is time to consider living in another country. It seems that our freedoms are being cut off on a daily basis.

I wonder if someone will successfully challenge this move? I certainly hope someone does!

You wanna know why? The who thing has been found to be a trickle point for financing terrorist organizations. The USA's entire financial industry is rife with fraud and shady dealings. Its going to get a lot more restrictive before it gets better. The USA is getting ready to clean house so if your doing dirt you better jump ship now.

This really is bad news. So far as I know it's true but let's hope that it doesn't end up going into effect.

I heard someone else mention this on another thread, but this is just going to make the people who are doing it for illegal reasons be much more sneaky and under the radar. I think there are a lot better ways to regulate monies than ending off shore banking.

This is all because the IRS just wants to get more money any possible way they can. Which is why IBS is being sued.

It's sad that the IRS has to be so greedy. I think that the government is interfering with our lives way too much anymore.

Fortunately, it will be those with the most money who are hurt first.

As far as fraud and shady dealings, the reestablishment of regulations, dropped in the increasingly pro-business atmosphere, should clean things up without creating hardships. In fact, more protections for the average person will help us all.

I just don't like the idea of losing rights, like privacy, based fear.

The average person doesn't have enough money to open an account with a Swiss bank, but the wealthy do.

This may be the one time when the IRS actually gets more money from the wealthy, instead of the average person.