Prison Ahead For Rich And Famous People

UBS Will Disclose Names, Pay $780 Million to End U.S. Tax Case

UBS AG, Switzerland’s largest bank, will pay $780 million and disclose the names of some secret account holders to avoid U.S. prosecution on a charge that it helped thousands of wealthy Americans evade taxes.

The Justice Department accused UBS of conspiring to defraud the U.S. by helping 17,000 Americans hide accounts from the Internal Revenue Service. The U.S. will drop the charge in 18 months if the bank reforms its practices, helps prosecutors and makes payments. UBS will immediately turn over names of about 250 clients, according to people familiar with the matter.

By gaining those names, the U.S. will pierce the veil of Swiss bank secrecy. The IRS, which has sought the names of all U.S. account holders since July, has met resistance from the Swiss government. The final number of account holders Zurich- based UBS must disclose will hinge on future legal battles, according to the agreement.

See also:
UBS to Pay $780 Million Over U.S. Tax Charges
UBS admits helping tax evaders
UBS AG to provide details on U.S. clients to avoid prosecution
United States Department of Justice
Internal Revenue Service

So much for age old myth of the impenetrable secrecy of Swiss bank accounts.

/this is going to be a huge ongoing scandal, I can’t wait until they actually start naming names

One Response

  1. […] See also: UBS, IRS Reach Tax Pact Swiss Government Says UBS, IRS Tax Pact Within Swiss Bank Law IRS wins a skirmish in the war on wealth Names Deal Cracks Swiss Bank Secrecy UBS Case Shows IRS ‘Is Going To Be Relentless’ In Going After Tax Evaders 150 Americans targeted in UBS Swiss bank tax-evasion case Over 150 UBS Clients Face US Tax-evasion Probe: Reports U.S. Builds Crime Cases on Clients of UBS US preparing to prosecute 150 UBS account holders 150 US clients of UBS investigated UBS Internal Revenue Service United States Department of Justice Prison Ahead For Rich And Famous People […]

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