A large chunk of Indian wealth goes undeclared.
Prosecutors contend that UBS deliberately abused the program by selling American clients offshore banking services that went undeclared to the I.R.S. and allowed those clients to evade taxes.
And how many times have I realised mid-flight that actually I have a tube of toothpaste at the bottom of the bag, or a screwdriver, craft knife that went undeclared and undetected?'Having spent years adding to the security theatre, governments are finally starting to question the approach.
Last year an estimated 24% of all economic activity in Greece went undeclared to evade tax and regulation, well above the European average of 19%.The IMF, which was in Athens this week to check up on Greece's public accounts, would like to bring more of this activity into the sunlight, to boost government revenues.
The Daily Telegraph splashed this morning on a report that Mr Fox and Mr Werrity had both attended the same "$500-a-head dinner" in Washington with American-based defence lobbyists and senior military officials, under the headline "Fox, his friend and $500 bash that went undeclared".This was not really a British-style scandal, however.
UBS, the world's largest private bank and a major engine of the Swiss economy, agreed last week to pay $780 million to United States authorities to settle accusations that it helped wealthy Americans illegally evade taxes through secret offshore bank accounts, known as "black accounts," that went undeclared to the Internal Revenue Service.
The investigation into HSBC and Credit Suisse began about September and is focusing on whether the two banks helped wealthy American clients hide up to $30 billion in offshore accounts that went undeclared to the Internal Revenue Service, the people briefed on the matter said.
Said Sadek, a sociology professor at the American University in Cairo, argued that the internal security forces had, in effect, gone on an undeclared strike in protest against their public indictment for the repression of the past.
Juan Carlos Martínez Lázaro, a professor at the IE Business School in Madrid who has studied the underground economy, said the government's decision to restrict cash transactions "isn't the magic solution but does make it harder to go ahead with a lot of undeclared transactions that now take place in cash".
Two more weeks of unchallenged airstrikes around Aleppo could go a long way to achieving that undeclared but increasingly obvious goal.
