The problems with offshore bank accounts are not limited to UBS. In July 2008 the Homeland Security and Government Affairs Committee Permanent Subcommittee on Investigations, released a report accused LGT Bank of Liechtenstein with promoting tax evasion through the use of fake charitable trusts, foreign shell companies, captive trustees and straw man settlers, anonymous transfers, multiple transfers among companies, disguised business trips, and the use of foreign credit cards to draw on accounts; all to hide the existence of offshore bank and financial accounts.

Holders of foreign financial accounts at other offshore banks are not necessarily safe either, as reports have surfaced of an expanded inquiry by the IRS into offshore banking services provided to customers of Credit Suisse and HSBC.

Individual taxpayers who file U.S tax returns, and  who have Swiss bank accounts, or any other offshore financial accounts must report income from these offshore financial accounts on Schedule B of their Form 1040 income tax returns. They must also declare these offshore bank accounts on their tax returns. Furthermore, taxpayers with signatory authority over, or an interest in offshore bank accounts are required to file Form TDF 90-22.1.