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The article reports that a settlement between the U.S. Internal Revenue Service (IRS) and the Swiss government will result in UBS AG releasing to the IRS the names of U.S. citizens who hold over 4400 secret bank accounts at UBS. The IRS suspects tax evasion among these account holders, and indicated criminal prosecutions could begin within months.

The article reports that UBS AG and the U.S. and Swiss governments have reached settlement of an investigation involving allegations by the U.S. Internal Revenue Service (IRS) that UBS was helping U.S. account holders evade taxes. Terms of the deal allow UBS clients to appeal to a Swiss tribunal before their information is released to the U.S. government.

The article reports that the U.S. and Swiss governments, along with UBS AG are in negotiations to settle a case involving alleged tax evasion that could result in UBS disclosing the names of some of its U.S. account holders. The U.S. Justice Department is seeking to obtain access to over 50,000 accounts, although compromise could result in disclosure of some lesser number.

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 that the parliament in Switzerland has approved a law that will make it possible for the Swiss government to legally provide the U.S. government with information on alleged U.S. tax evaders with Swiss bank accounts.

The article reports on the guilty plea entered into by businessman Jeffrey P. Chernick on July 28, 2009 to allegation of filing a false tax return and his admission about his hidden Swiss bank accounts which total over 8 million U.S. dollars. It states the intention of the Internal Revenue Service (IRS) to gain access to accounts held at UBS while conducting probe on possible tax evasion by clients. Court documents revealed that Chernick established his firm in Hong Kong, China and opened foreign bank accounts to hide his commissions from the IRS.

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.

The article focuses on UBS AG, which is facing U.S. investigations into allegations that it helped its American clients evade taxes. In an effort to improve its reputation, UBS AG disclosed some Swiss-based private bankers will stop offering American clients Swiss bank accounts and other services. Those clients will be asked to use U.S.-based accounts or UBS's international units such as Swiss Financial Advisors, based in Zurich, or Wealth Management International, based in Hong Kong which are registered with the U.S. Securities and Exchange Commission.