08/09/2012 08:16 am ET Updated Oct 09, 2012

Government Cracks Down On Offshore Tax Havens

Republican presidential candidate Mitt Romney has acknowledged that he had money in a Swiss bank account until 2010. Romney says he wasn't trying to hide the money, since he reported the account to the government.

Even so, he closed the account at a time when the federal government was in the middle of a major crackdown on offshore tax havens -- a crackdown that has made it harder for Americans to hide their money overseas.

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