UBS Seals Deal With US
And shares climb… But tax evasion through the use of secret bank accounts looks to have had its day for Americans after UBS and the U.S. and Swiss governments agreed to settle a dispute over whether the Swiss bank should be forced to disclose the names of 52,000 rich U.S. clients suspected of tax evasion.
Lawyers have said Wednesday’s settlement could involve the disclosure to U.S. authorities of 3,000 to 10,000 names of American clients suspected of using offshore accounts to evade …
And shares climb…
But tax evasion through the use of secret bank accounts looks to have had its day for Americans after UBS and the U.S. and Swiss governments agreed to settle a dispute over whether the Swiss bank should be forced to disclose the names of 52,000 rich U.S. clients suspected of tax evasion.
Lawyers have said Wednesday’s settlement could involve the disclosure to U.S. authorities of 3,000 to 10,000 names of American clients suspected of using offshore accounts to evade taxes.
The deal was authorised by the Swiss government, and followed a fine of $780m ( £471m) imposed on the Swiss bank in February to settle the criminal case that it had broken US laws and allegedly helped tax evasion.
