U.S. and Switzerland Deal to Reveal Clients Suspected of Tax Evasion

Swiss law makers approved a deal between Swiss and American authorities that will pave the way for Swiss banks to provide U.S. prosecutors with account information on thousands of suspected tax cheats. The agreement grew out of a law suit by the United States against Swiss banking giant UBS to gain the identity of undisclosed […]

UBS to Notify Customers of IRS Interest

Swiss banking giant UBS will notify customers if their accounts are of interest to the IRS in its investigation of tax evasion through the use of UBS accounts. Based upon a previous agreement between the bank and the U.S. Department of Justice, UBS had agreed to supply banking information for 4500 of its American account […]

UBS Agrees to Provide DOJ with Account Holder Names

The world’s largest private bank, UBS of Switzerland, has agreed to a settlement in a Justice Department civil suit that sought the names and account information for American account holders seeking tax shelters with the Swiss giant. DOJ and the Internal Revenue Service have agreed with UBS for the bank to disclose the names and […]

First Conviction from UBS Case

In February of this year Swiss banking giant UBS avoided federal prosecution by admitting that it helped U.S. taxpayers avoid income taxes by hiding funds in Swiss accounts. As part of the scheme, the Swiss bankers helped wealthy taxpayers to set up sham companies in off shore tax havens. The bank admitted doing this from […]

UBS and Justice Department Reach Deferred Prosecution Agreement in Massive Tax Fraud

UBS, the world’s largest private bank has reached a deferred prosecution agreement with the U.S. Department of Justice. The agreement requires UBS to pay $780 million to settle charges that it helped wealthy Americans evade payment of taxes. The agreement pierces Swiss secrecy laws as it requires the bank to turn over the the U.S. […]