UBS Closes Fancy Swiss Bank Accounts For American Tax Evaders

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..

The TimesOnline article says,

An investigation, whose report was issued yesterday, found that only 1,000 of UBS’s 20,000 American clients with Swiss bank accounts had declared their accounts to the IRS.

UBS will not hand over identities of all 19,000 of these customers because, sources say, it does not follow that every undeclared account has broken US tax law. Instead it will identify only those it believes may have engaged in tax fraud, although that number is expected to run into thousands.

Since the U.S. economy is failing at a record rate, we can understand why the U.S. Government is digging behind this centuries-old couch for extra money.

UBS closes Swiss accounts of US clients [TimesOnline]
(Photo: Getty)