Swiss bank UBS, which has “admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities,” has agreed to release the names of Americans who have been secreting away cash in UBS’ fabled Swiss bank accounts. The U.S. Justice Department has been investigating about 19,000 accounts, but the New York Times says the bank may only release a couple hundred names. Update: Now the IRS has asked a judge to demand that UBS turn over the names of around 52,000 clients. UBS says it will “vigorously challenge” the new request.
Recently, we told you that Senator Levin recommended that the UBS not patronize American citizens who are trying to evade taxes. His wish has come true–UBS has announced plans to close the Swiss bank accounts of such American customers and will lift the cloak of anonymity which has protected its customers for centuries. Details, inside..
Senator Recommends That UBS Be Shut Down For Helping Thousands Of U.S. Citizens Cheat On Their Taxes
Another update to the disgruntled computer technician story: Sen. Carl Levin told ABC News that Swiss banking giant UBS’s banking license should be revoked until the bank “cleans up its act.” The bank is accused of arranging “undeclared” accounts for an estimated 19,000 US citizens, effectively “hiding” $18 billion from the IRS.