The Senate Permanent Subcommittee on Investigations (PSI), chaired by Senator Carl Levin (D-MI), after a 6 month probe, has released a report which says that Swiss banking giant UBS AG and Lichtenstein based LGT Bank have aided and abetted wealthy Americans evade taxes, cover up ownership of accounts and hide assets.

Wall Street Journal reports that the U.S., Canada, Sweden, Australia, Italy and France yesterday confirmed they are investigating dozens of their citizens for allegedly hiding assets at a bank in Liechtenstein. German prosecutors say they have expanded their investigation to include a second, unidentified Liechtenstein-based bank.