Sept 20 | Tue Sep 20, 2011 5:37am EDT
Sept 20 (Reuters) - Eight offshore banks around the world are under federal grand jury investigations for assisting U.S. citizens in tax evasion, the Department of Justice (DOJ) said on its website.
"Put simply, the word is out that placing assets in foreign accounts no longer provides the protection from disclosure it once did," the DOJ said.
So far, prosecutors have said about 150 grand jury investigations of offshore-banking clients have been initiated, of which 30 cases have been charged, leading to 24 guilty pleas plus two convictions after trial, with four awaiting trial.
Switzerland has faced an international campaign against tax evasion in recent years as cash-strapped governments seek to bolster state coffers.
UBS AG paid $780 million in 2009 and consented last year to hand over information about nearly 5,000 U.S. accounts to settle government cases against the Swiss bank.
Credit Suisse bankers and clients have also come under scrutiny by U.S. authorities. (Reporting by Sakthi Prasad in Bangalore; Editing by Will Waterman)
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