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The article focuses on the crackdown on UBS AG clients who possibly are concealing income or the existence of foreign bank accounts from the U.S. government. It states UBS client John McCarthy agreed to plead guilty to a count of failure to file an annual report to the U.S. Treasury Department and that documents reveal the tax scheme channeled funds to a Swiss UBS account held by a Hong Kong entity. It mentions the Hong Kong link is used by the Internal Revenue Service as a clue of wrongdoing.

The article reports that the U.S. Department of Justice filed suit against the Swiss bank UBS AG to obtain access to the records of 52,000 accounts held by U.S. customers. The suit came one day after UBS agreed to turn over information of 250 accounts as part of a settlement of a criminal complaint the bank had aided tax evasion by its U.S. clients.

The article reports that the Swiss bank UBS AG has agreed to turn over the names of some 250 account holders to U.S. prosecutors as part of a $780 million settlement of a case charging the bank with aiding tax evasion by depositors. This is the first time Swiss regulators have allowed a bank to reveal account holders' identities, which have been kept secret though centuries of tradition.

The article reports on the protection of UBS AG employees from the U.S. request of information on the identities of its 52,000 account holders as part of the tax-evasion inquiry of the Internal Revenue Service (IRS) under the Swiss law. UBS said that the U.S. ignores the Swiss law and its sovereignty in response to lawsuit it filed against the bank. It added that the request of IRS would require rewriting of tax treaties between the two countries. U.S. authorities noted that U.S. taxpayers used secretive Swiss bank accounts to evade U.S. taxes.